Zimbabwe central bank, business explore way to halt currency plunge | Fin24

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 Sunday Mail newspaper reported.

2022-01-24 07:59:00 AM

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 Sunday Mail newspaper reported.

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 Sunday Mail newspaper reported.

Dan Kitwood/Getty ImagesZimbabwe'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.

READ |Zim central bank governor among the worst in Africa as SARB's Kganyago described as 'bold'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. The currency's collapse is stoking inflation, which reached an annual 61% in December.

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The Zimbabwean dollar's collapse is stoking inflation. Dan Kitwood/Getty Images 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. READ | Zim central bank governor among the worst in Africa as SARB's Kganyago described as 'bold' 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. The currency's collapse is stoking inflation, which reached an annual 61% in December. 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. We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust. For only R75 per month , 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.