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Government Introduces Currency Stabilisation Task Force

FinTech

Government Introduces Currency Stabilisation Task Force

Minister of finance and economic development, Mthuli Ncube has announced that the Government is taking measures
to stabilise the exchange rate so as to try and manage the inflation that has rampaged the country.

Speaking during a press conference held in Harare today, minister Ncube said the government will introduce a task force that will be spear – headed by the ministry of Finance, the RBZ ,MPC and PAC.

“In order to stabilise the exchange rate and hence, to lower inflation, the Government has
decided to implement a holistic package of key policy measures. In this regard, a Currency
Stabilisation Task Force has been set up. This will be spear-headed by the Ministry of
Finance and Economic Development and the Reserve Bank of Zimbabwe, and will
include members of the MPC and PAC.” Minister Mhutli Ncube said.

Minister Ncube said the force will meet once a week to discuss on the exchange rate and inflation so as to ensure that the measures of the force are fully implemented.

“The Task Force will be chaired by the Minister of Finance and will meet at least once a week
to review the conditions in the markets, monitor the behaviour of key variables such as the
exchange rate and inflation, and to ensure that the measures that I outline below are
expeditiously implemented. The Task Force will put in place additional policy measures,
where necessary.” He said.

The task force will monitor the daily exchange rate from the inter bank, the black market and also from the RBZ. Minister Mthuli Ncube said the ministry will also take effective measures in insuring that foreign exchange crimes and financial fraud is curbed.

“Our laws and enforcement regime are not as effective as they should be
when it comes to crimes relating to foreign exchange and financial fraud. The current
legal and institutional framework relating to curbing of trading on the parallel market is
quite inadequate. Government will be reviewing all the laws and institutional framework
in order to bring them in line with international best practices and more importantly,
monitor the effectiveness of institutions charged with implementing the laws. The
sanctions framework for illegal foreign exchange trading, will be enhanced to provide for
a range of effective proportionate and dissuasive sanctions, including more stringent
criminal, civil and administrative penalties.”

Ncube said the ministry of finance will also monitor daily returns being submitted by the mobile platforms to the Financial
Intelligence Unit of the RBZ to ensure that all transactions are legitimate and are in accordance with the
financial regulations that are implemented.

 

 

 

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Yeukai is an ambitious and passionate journalist. She enjoys writing and reading about technology and has made it her number one priority. She has been practicing journalism for 5 years now. In her journey as a writer, she has written three novels so far.

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