The cash-strapped and failing country has introduced the new trading regime as it battles to contain runaway inflation
Harare — Cash-strapped Zimbabwe has introduced a new foreign currency trading regime again as the country battles to contain runaway inflation and an unsteady currency.
Last year, Zimbabwe re-introduced its local currency after 10 years of using the multi-currency system that was dominated by the US dollar and the rand. On Wednesday, finance minister Mthuli Ncube told journalists that the new foreign currency trading system will come into effect immediately and will be based on what he called the “Reuters system”, which allows foreign currency to be traded freely among banks.
Ncube said that under the new system, trading rules for the bureaux de change system will be liberalised so that they can conduct broader transactions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple’s rumoured over-ear headphones leaked in iOS 14Apple's AirPods could soon be getting an over-ear sibling.
Read more »
Empty eateries and stalled supplies — how coronavirus is hurting local businessesLike many other countries, SA will pay heavily for the epidemic in lost trade and tourism
Read more »
Teacher assessment system to be rolled out next yearThe school period would also be longer as from next year as an additional week would be added to the school calendar, Basic Education Minister Angie Motshekga said.
Read more »
UJ says reports ‘Phindile’ hacked its systems for distinctions are fake'Phindile' has been trending on social media, with most hailing her efforts and calling for IT companies to give her a job.
Read more »
Joburg universities disable biometric systems to prevent infectionThe decision follows that of the University of Pretoria, who last week temporarily halted their access system to prevent the spread of the virus.
Read more »
Zimbabwe’s anti-dropout law makes parents liable if children skip schoolAccording to the government’s regulatory body, the Zimbabwe Vulnerability Assessment Committee, at least 20% of children have dropped out of school and 60% of primary school scholars are expelled for non-payment of fees.
Read more »