Finance Minister Professor Mthuli Ncube announced that the recent adjustment of the Zimbabwe Gold (ZiG) to the United States dollar exchange rate has successfully stabilized market prices.
During the opening of a strategic review workshop in Mutare, he explained that the Reserve Bank of Zimbabwe (RBZ) devalued the ZiG to address the widening gap between the official and parallel market rates, which had posed challenges for retailers.
“The measures taken have fostered pricing stability, despite some outstanding issues,” he stated.
Professor Ncube also clarified that the government collects 50% of its revenue in ZiG and mandated companies to pay half of their second quarter taxes in local currency to strengthen its use.
He emphasized that Zimbabwe is classified as a middle-income economy and is working to transition to upper middle income by 2030.
The week-long workshop aims to develop strategies to enhance economic growth in the country.
Herald
