The International Monetary Fund (IMF) on Wednesday encouraged Zimbabwe to speed up currency reforms at the end of a staff visit, saying authorities should move towards a market-driven exchange rate and remove distortions currently in place.
The visit discussed Zimbabwe’s request for an IMF staff-monitored programme, part of the southern African country’s efforts to re-engage with the international financial community by demonstrating a track record of sound economic policies.
The Zimbabwean dollar was relaunched in 2019 after a decade of dollarisation, but it rapidly lost value and the use of foreign currencies in domestic transactions was reauthorised soon after.
Central bank Governor John Mangudya said the focus of an upcoming monetary policy statement would be stabilising the exchange rate.
Reuters
