Zimbabwe’s Currency Ends Weeks of Volatility | Business Edge | 28/06/2023

After a number of policy changes were made to stabilize the currency, the Zimbabwean dollar increased for the first time this year. On Tuesday, it increased 9.4% against the dollar during a weekly central bank auction. It now trades at 6,326 to the US dollar as opposed to last week.
Persistence Gwanyanya, a member of the Reserve Bank of Zimbabwe's monetary policy committee, claims that exchange rate volatility, a major cause of inflation, is decreasing as a sign that currency markets are stabilizing.
Another indication that the currency is stabilizing is the narrowing of the difference between official and black-market rates.

ANCHOR
Lekan Onabanjo

GUEST
Dr Prosper Chitambara Developmental Economist.

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