Zimbabwe officials considering currency board

MPC member says arrangement would require $700 million in reserves


Zimbabwean policy-makers are debating introducing a currency board, according to a member of the Reserve Bank of Zimbabwe’s monetary policy committee.

MPC member Ashok Chakravarti discussed the issue at a conference in Victoria Falls, Bloomberg reported.

A currency board would require the Reserve Bank of Zimbabwe to back every unit of domestic currency with US dollars, to maintain a fixed exchange rate. Chakravarti estimated this would require around US$700 million in reserves.


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