Professor Mthuli Ncube, who oversees finance, economic development, and investment promotion portfolio, made a hint this week that he will soon announce fresh steps to address the currency dilemma as the value of the Zimbabwe dollar continues to decline in relation to the greenback and other major currencies.
It also coincides with next week’s meeting between industry leaders and John Mangudya, the outgoing Reserve Bank of Zimbabwe governor.
We encourage open dialogue about the crisis, as this will help to rescue the economy from its troubles.
In an effort to rescue the economy from its problems, a number of economists have advised Professor Mthuli Ncube and Dr. Mangudya to focus on reestablishing market confidence and trust rather than implementing more drastic fiscal and monetary policies.
Zimbabwe’s money is relentlessly depreciating in value as well.
In contrast to the formal market, where it was trading at ZWL$9 414:US$1 as of December 31, 2023, the Zimbabwe dollar fell to around ZWL$16 000 per dollar on the parallel market, down from roughly ZWL$8000 per US$1 at the end of December 2023.
A lot of individuals are finding it difficult to afford the skyrocketing prices of products and services due to the declining value of the Zimbabwean currency.
Zimbabwe, which has the potential to become the breadbasket of southern Africa again, will regain its footing with a long-term solution on currency conundrum.
