Andrew
Online Reporter
The Reserve Bank of Zimbabwe (RBZ) will introduce new measures to further liberalise the foreign exchange market in the first quarter of 2023, to sustain obtaining local currency stability.
In a statement following the meeting of RBZ’s Monetary Policy Committee (MPC) on December 2, RBZ governor, Dr John Mangudya said the committee also resolved to maintain lending rates at 200 percent.
“The Committee unanimously agreed to stay the course of a tight monetary policy until the first quarter of next year, and resolved to further liberalise the foreign exchange market in the first quarter of 2023 and to enhance efficiency in the operation of the foreign exchange auction system and the willing-buyer willing-seller foreign exchange mechanism,” he said.
Dr Mangudya said RBZ will continue supporting the productive sectors of the economy, through the Medium-Term Lending Facility, which will be increased next year, from the current limit of $10 billion to $20 billion.
Bongani Ndlovu
Online Reporter