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Zimbabwe Dollar In Short Supply, Says Mthuli Ncube

Zimbabwe Dollar In Short Supply, Says Mthuli Ncube

Finance and Economic Development Minister Mthuli Ncube has said the Zimbabwe dollar is in short supply and its value is being distorted by speculative behaviour.

Ncube made the remarks during a question-and-answer session at the weekly post-Cabinet media briefing in Harare on Tuesday. He said:

The Zimbabwean dollar is in short supply. If you got 0% growth in the money supply, then this currency is not in abundance, but actually in short supply.

So, what is driving the exchange rate is speculative behaviour in some of the monopolies.

Ncube refuted claims made by former Finance Minister Tendai Biti last week that the Government was printing money to fund infrastructure development projects. Said Ncube:

The government has taken steps to make sure that in its financing of necessary infrastructure development, it does not contribute to exchange rate volatility, indeed, to inflation acceleration.

We have taken two critical steps. One is to pay contractors using the foreign formula, 50% in US dollars and 50% in Zimbabwe dollars.

We have taken those actions and we have a committee between Treasury and the central bank which is called the liquidity committee, which manages the liquidity situation in the entire economy.

Last week the Zimbabwe National Statistical Agency (ZimStat) announced that the country’s year-on-year inflation had shot to 131.7% up from 96.4% in April.

Meanwhile, the official exchange rate, as announced by the Reserve Bank of Zimbabwe (RBZ) on Tuesday, is now US$1:ZWL$308.

More: NewsDay

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26 Comments

Dr XXX 3 weeks ago

Mthuli is becoming more of a cartoon character on a kids TV channel thn a minister🤣🤣just like Bart Simpson or Mickey mouse.


Angrier 3 weeks ago

Kkkkkkkkkkkki the whole team are comedians come 2023 bazoyifunda ivaliwe abathakathi bezigodo .They They have made our lives miserable together let's not allow them to make our kids suffer # register to vote

Asalif 4 weeks ago

the moment you put a tax on electronic and mobile money inflation rised because no one could afford the charges of the transactions so the demand for cash got high , I remember depositing money into my bank account or ecocash account for safe keeping but now it's a loss because of tax kuitwa Bata neko government take a percentage the mobile operator takes another and you will be left with nothing so better stay with my cash or buy forex at the black market if there is need to do so


The King of Serpents 4 weeks ago

Ngarife zvaro bond note. Our President, Mthuli Ncube, Mangundya and all other elites have no faith in the Zimbabwean Dollar. If you have the chance to "SEARCH" their houses and businesses, you will never find a single zimdollar note or coin. So how can you expect the majority to accept the Zimdollar if our leaders have no faith in it?????


Gafa 4 weeks ago

Mark my words muno MuZimbabwe Mthuli anobva achitiza chete.Zim dollar ndo coup yamazvirongera naED naMangundya wenyu Zii zvedu


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dispenser 4 weeks ago

hapana munhu anoida mari ye bind.even ncube yacho haatoidiwo. the only problem is Zanu they want to use rtgs to finance coming elections .Is mageja nezvimaproject zvenhema tinotra but we vote CCC


Blue 💙 4 weeks ago

It is indeed in short supply. The problem is speculation. Everyone is dumping the currency because you were told by Biti that construction projects will deevaluate the dollar. Are we the only country that does infrastructure development projects? You need to understand the Zim dollar is just a fiat currency, it can be hurt by speculation. Inflation can be tamed if you and I change some certain financial behaviors; unnecessary'burnung'


Dr XXX 4 weeks ago

Blue is just a stupi.d greenbomber brainwashed. Fck you Blue

Freda 4 weeks ago

Every currency has fait value no 1 uses the gold standard anymore.Confidence in a currency is build and managed by RBZ and Ministry of Finance.Dnt blame the ordinary citizen.Even if you say the Zim dollar is in short supply l say what you consider short supply might be too much becoz zimbabwe making very few goods.If pple listen to Biti they can as well listen to Mangudya and Mtuli but tat is if they talked sense.Voodoo economics.Zimdollar is not a currency even u Blue fck u do not keep it as saving becoz you ar nt ****, off u ar nt **** right?

vote 4 weeks ago

hapana chozivikanwa apa


Ginious 4 weeks ago

taurai henyu.

Mmmm 4 weeks ago

Upgrade the finance minister and economy.... VOTE "CCC2023"


Imwe Mbeu 4 weeks ago

Ehe, Nehanda hakachina simba takuda kaGuvi isu


Ginious 4 weeks ago

mmmmm Kaguvi hakaite ngetimboedza Chaminuka zvaramba Chamisa zve

Mwakusha 4 weeks ago

WHAT'S IN SHORT SUPPLY? PRASTIKI MONEY OR MA MBUYA NEHANDA ETC?


Tio4 4 weeks ago

Mthuli is a failed economist. There is broad money creation ie M2 & M3 which is being caused by him, the exchange rate iriko ku black market is the true reflection of the strength of the Zim dollar. Ana Hanke ndoma economists chaiwo nana Tendai Biti kwete zvake izvi


Blue 💙 4 weeks ago

Maifunga kuti mukanyima vanhu mari bond-rtgs rinoita value. Your environment is dirty to work. Only a thief can volunteer to guard against other thieves. But Zimbos are very clever.


SC 4 weeks ago

any attempt to print more paper will result in the rate sky rocketing


Observer 4 weeks ago

Our biggest currency $100 that cannot even buy one third of a loaf ğŸž and he wonders why Zim dollars is in short supply when inflation is skyrocketing. Finding ways to punish people is not the way to go. Clueless.


Jah🇿🇼Tsvarie-07 4 weeks ago

Its not in short supply, but supplied to individuals by the banks to buy forex.
we see some money changers carrying new bank notes in bunches exceeding daily limits 😂


Chiromboweee 4 weeks ago

😂😂 Hoyoooo Mupengooo uyaaa zvakwidzaa,, wedzerayi bond baba


Ginious 4 weeks ago

Ngatimboedza Chaminuka pabond apo.toita 500bond not tonamira Chaminuka

Tozivepiko 4 weeks ago

Zimbabwe govt should decide whether fully use the bond note or discard it completely. It is not fair that Mthuli Ncube, Mangwana and cabinet ministers continue to earn US dollars whilst the civil servants and the pensioners are paid the bond notes (which are not even equal to the rtgs swipe)


Blue🔵 4 weeks ago

Keep on the good work a sekuru makapenga


Tsikamutanda 4 weeks ago

Yaremera mutanda asekuru


Cobra King 4 weeks ago

You are playing kindergarten house with Zimbabwe Ntuli Ndube. @Blue keep on supporting Lacoste people.



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