STATEMENT BY HON. PROF, MTHULI NGUBE, MINISTER OF FINANCE AND
ECONOMIC DEVELOPMENT ON ESTABLISHMENT OF THE CURRENCY
STABILISATION TASK FORCE:

11 MARCH 2020

MEASURES TO STABILISE THE EXCHANGE RATE AND REDUCE INFLATION

Distinguished Captains of Banking and Industry, Members of the Press, Ladies and
Gentlemen.

I am addressing you today against a background of recent exchange rate volatility, which has translated into unsustainable levels of inflation.

In this regard, Government is taking measures to stabilise the exchange rate and top bring down inflation to sustainable levels in order to achieve macro-economic stability.

Macro-economic stability is an essential component of the Transitional Stabilisation
Programme, critical for economic growth and the achievement of the goals set out in H.E.’s Vision 2030.

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.

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….

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