Zim To Have ‘Fully-fledged Currency’ Within 12 Months – Mthuli Ncube

Minister of Finance and Economic Development, Mthuli Ncube says Zimbabwe will soon introduce a central bank reference rate as part of measures to stabilise the collapsing economy.

Ncube further revealed that Zimbabwe will have currency in the next 12 months and to close the gap between the rate for dollars in the official and parallel markets using RTGS dollars.

Ncube made the remarks on Bloomberg Television on Thursday. Part of the Bloomberg report reads:

Zimbabwe will “soon” introduce a central bank reference rate as part of measures the southern African nation’s government wants to use to prop up the collapsing economy, its finance minister said.

Having a reference rate will help the country manage monetary policy, Mthuli Ncube said in an interview Thursday on Bloomberg Television.

The nation also plans to introduce a new, fully fledged currency in the next 12 months and to close the gap between the rate for dollars in the official and parallel markets using RTGS dollars, which the government introduced in February, he said.

Related:

• FULL TEXT: Why The RTGS Dollar Is Officially Called ‘ZWL’ – Magaisa

• FULL THREAD: RTGS Dollar A Precursor Of A Physical Local Currency – Magaisa

• Mthuli Ncube ‘Corrects’ Biti On Zim Dollar Reintroduction, Says We Are Not Ready Yet

More: Bloomberg

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