Zimbabwe to announce new money supply growth mechanisms, create currency board

HARARE (Reuters) – Zimbabwe will announce new measures to stabilise its local currency, including linking the exchange rate to hard assets such as gold and creating a currency board, Finance Minister Mthuli Ncube said on Monday.

The Zimbabwean dollar has fallen about 40% since the start of the year. The central bank governor said last week that the central bank and finance ministry were working on measures to stabilise the local currency.

“We will make announcements in the fullness of time but this is ongoing. We believe that this will offer a lasting solution to the currency volatility,” said Ncube about the new measures in a press briefing.

(Reporting by Nyasha Chingono; Writing by Nellie Peyton, Editing by Gareth Jones and Ed Osmond)


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