Zimbabwe's central bank and business leaders met Friday to explore ways to halt the plunge of the local currency against the US dollar, the state-controlled Sunday Mail newspaper reported on Sunday.
Central Bank Governor John Mangudya said the main outcome was an agreement to increase demand for the local currency in order to boost its value, the Harare-based publication reported. No further details were provided on the specific measures adopted.The local unit weakened 3.68% on the first day of official trade last week to Z$112 per US dollar. It trades for less on the parallel market at more than Z$200 per US dollar.
In an interview with Bloomberg News on January 18, Mangudya expressed reluctance to act to narrow a widening gap between the national currency's official and black market rates, saying businesses are to blame for the disparity.In times of uncertainty you need journalism you can trust. For only, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Maybe they should start with Economics 101... Baby steps....
According to H-Metro.
This is what happens when you get free land
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