{"id":66199,"date":"2022-09-15T10:07:37","date_gmt":"2022-09-15T08:07:37","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising"},"modified":"2022-09-15T12:31:15","modified_gmt":"2022-09-15T10:31:15","slug":"zimbabwe-dollar-shows-signs-of-stabilising","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising","title":{"rendered":"Zimbabwe Dollar Shows Signs Of Stabilising"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Zimbabwe dollar is showing signs of stabilising, with the gap between the official and parallel-market exchange rates closing and inflation easing.<\/p>\n

Speaking to Bloomberg by phone, Harare-based economist and a member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC), Persistence Gwanyanya, said:<\/p>\n

We have basically converged with an acceptable premium between the alternative and interbank rates. The markets are at equilibrium.<\/p>\n

The latest foreign exchange weighted average rate announced by the RBZ on Tuesday is Z$604 per dollar, with businesses allowed to add a 10% markup in pricing goods and services.<\/p>\n

This brings it close to the parallel market rate of between Z$650 and Z$800 per greenback.<\/p>\n

Since May, the government has unveiled a raft of measures which include issuing gold coins, legalising the use of the US dollar and a brief ban on bank lending in a bid to stabilise the local currency and arrest runaway inflation.<\/p>\n

Gwanyanya said with the currency markets stabilising, the central bank now expects businesses to begin cutting prices. He said:<\/p>\n

It is inescapable. The next wave is that of price reductions and that will cement the stability.<\/p>\n

Gwanyanya also said the RBZ won\u2019t rush to cut its key interest rate, currently the world\u2019s highest at 200%, as doing so will reverse the gains made so far.<\/p>\n

Meanwhile, Lloyd Mlotshwa, who is the head of research at IH Securities, a Harare-based brokerage firm, said it is unclear whether some of the measures imposed to bring the exchange rates in line are sustainable. He said:<\/p>\n

The convergence has been achieved by punitively constricting local-currency liquidity, that is by stopping government contract payments, increasing interest rates to 200% and taxes on capital markets.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Zimbabwe dollar is showing signs of stabilising, with the gap between the official and parallel-market exchange rates closing and inflation easing. Speaking to Bloomberg by phone, Harare-based economist and a member of the Reserve Bank of Zimbabwe\u2019s monetary policy committee (MPC), Persistence Gwanyanya, said: We have basically converged with an acceptable […]<\/p>\n","protected":false},"author":84,"featured_media":66198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,6571,1944,1820,19,968],"class_list":{"0":"post-66199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-exchange-rate","14":"tag-exchange-rates","15":"tag-zim-dollar","16":"tag-zimbabwe","17":"tag-zimbabwe-dollar"},"yoast_head":"\nZimbabwe Dollar Shows Signs Of Stabilising - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Zimbabwe dollar is showing signs of stabilising, with the gap between the official and parallel-market exchange rate ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe Dollar Shows Signs Of Stabilising\" \/>\n<meta property=\"og:description\" content=\"The Zimbabwe dollar is showing signs of stabilising, with the gap between the official and parallel-market exchange rate ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-15T08:07:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-15T10:31:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/09\/postQueueImg_41.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"677\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-dollar-shows-signs-of-stabilising\",\"name\":\"Zimbabwe Dollar Shows Signs Of Stabilising - 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