Watch: Mthuli Ncube Sets Up Foreign Currency Taskforce To Manage Exchange Rate

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By Alois Vinga

FINANCE Minister, Mthuli Ncube Wednesday announced he was setting up a Currency Stabilisation Taskforce to manage the continuous foreign currency exchange rate hikes which he blamed for destabilising the country’s economy.

The announcement comes when the parallel market exchange rate rose Wednesday to $40 against the US$1 forcing prices of basic commodities to increase and eroding workers’ salaries.

Speaking at a press conference at the Reserve Bank of Zimbabwe (RBZ), Ncube said the task force’s aim was to achieve stability and lower the rate of inflation.

“In this regard, a Currency Stabilisation Task Force has been set up. This will be spearheaded by the Finance Ministry and the Reserve Bank of Zimbabwe, and will include members of the Monetary Policy Committee and the Presidential Advisory Council,” he said.

“Zimbabwe has had no transparent and effective foreign exchange trading platform for a long time. Consequently, official rates have not been effectively determined, while a thriving parallel market has developed.”

Ncube will chair the taskforce which will meet at least once a week to review the conditions in the market through systemic monitoring of inflation and exchange rates.