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The Deputy Minister of Finance, Economic Development and Investment Promotion <a href="https://pindula.co.zw/Kudakwashe_Mnangagwa">Kudakwashe David Mnangagwa</a>, has said the Government is fully aware of the economic pressures destabilising the foreign currency exchange rate and pushing up the prices of goods and services.
Mnangagwa said the Treasury and the Reserve Bank of Zimbabwe (RBZ) are working on solutions to the exchange rate volatility.
The RBZ’s auction system is poised to commence this week which is expected to stabilise the exchange rate.
In an interview with <a href="https://www.sundaynews.co.zw/government-acts-on-exchange-rate-price-increases/">Sunday News</a> on Saturday, Mnangagwa said that the Treasury was fully aware of the prevailing economic environment. He said:
<blockquote>
As Treasury, we are fully alive to the economic environment currently prevailing. We will not go into a debate as to what the causes are, whether it is speculative, fundamental-driven, mischief or a January rush phenomenon, but what is of concern is that it is happening and I can assure you we have our fingers on the pulse.
The Ministry in conjunction with the monetary authority are plotting a concrete solution so that we can move past this undesirable phase.
</blockquote>
The interbank rate has also been on an upward trend over the past two weeks, rising from US$1 was ZWL$6 192,4022 on 2 January to ZWL$8 331,6206 for US$1 by 12 January.
Economist and Reserve Bank of Zimbabwe (RBZ) monetary policy committee member, Persistence Gwanyanya stated that the volatility was caused by low foreign currency inflows. Said Gwanyanya:
<blockquote>
The inflows of foreign currency have slowed down in the last quarter of the year and this is attributable to the softening of global commodity prices given Zimbabwe depends 85 percent on mineral exports.
Naturally, because of that unhealthy concentration in our economy, we are always found in this position when global commodity prices soften.
But this coincides with our traditional weak period which is the last quarter of the year.
In the last quarter of the year, the supply of foreign currency naturally dips because tobacco inflows would have ceased on the closure of tobacco auction floors (tobacco selling period).
The supply also dips because demand for foreign currency would have increased on account of agriculture imports and stocking for the festive season. So traditionally this is our weak period…
You would know that all the mentioned problems above happen when the auction system would have closed and this is where the rest of the economy normally sources foreign currency.
So the solution is, that the auction is probably opening this week and we expect that it absorbs some pressure on the foreign currency.
</blockquote>
Gwanyanya said it is possible to get the situation back to normal with the rate going down, like what happened in May last year.
The Zimbabwe dollar fell by 21% last week on the official market, a drop that leaves the currency 91% weaker than it was this time last year
The Zim dollar traded at ZWL$8 240 per US dollar on Thursday, down from ZWL$6 467 earlier in the week, according to Reserve Bank of Zimbabwe (RBZ) data.
The Zim dollar started 2023 at ZWL$705 to the USD on the official market and around Z$1 000 at the black market.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Govt Working On Stabilising Zimbabwe Dollar - KD Mnangagwa

Captains of industry say the deteriorating economic situation and the rapid depreciation of the Zimbabwe dollar is attributable to the creation of “hot money”.
“Hot money” is a form of short-term investing in which investors move their money between financial markets to take advantage of interest rate fluctuations. It is “hot” because it tends not to stay in one market very long.
Market analysts are of the view that large payments to public contractors and suppliers to the Government are some of the sources of the excess liquidity that is shaking the Zimbabwe dollar.
The local currency has fallen to $1 888/US$1 on the official interbank market and more than $3000/US$1 on the parallel market.
Kurai Matsheza, who is the president of Zimbabwe’s largest industrial lobby group, the Confederation of Zimbabwe Industries (CZI), believes that “hot money” is being created in the economy. He was recently quoted by <a href="https://www.businessweekly.co.zw/someone-is-creating-hot-money-industry/">Business Weekly</a> as saying:
<blockquote>
Our suspicion is that it (volatility) can only come from one source; there is (too much Zimbabwe dollar) money chasing the US dollar. As businesses, we do not create money.
So, who is creating this money? We do not know, but we are engaging the authorities to say guys, let’s identify the cause.
But it can only be one way; people have money that is creating this run on the exchange rate.
Some projections are saying we are going to hit US$13 billion this year. So, on the (forex) generation side, there seems not to be a problem.
So, somebody is creating money that is chasing the US dollars.
We are creating hot money nobody wants to hold that Zimbabwe dollar (for long).
As soon as someone gets the (Zimbabwe dollar) money, they want to (quickly) pass it on.
</blockquote>
However, the Ministry of Finance and Economic Development insists it has not printed money since 2017. Said Treasury Secretary George Guvamatanga:
<blockquote>
I will categorically state that since I came into this office, I have never printed money.
Since I came into this office, I have never borrowed even a dollar from the Reserve Bank.
Despite the fact that within the Finance Act, we put a provision that (Treasury) can borrow up to 5 percent of my total budget, but I had an opportunity last year to borrow.
I was in a tight situation and needed temporary accommodation for 24 hours from the Reserve Bank.
My team here refused me to borrow, and that’s how disciplined we have been, so when I pay contractors, that is why we monitor M3 and Reserve Money…, there is no money printing.
What simply happens is that what increases is the velocity of money. The velocity when I have the money here at Treasury, and the velocity when in your account… it is different.
</blockquote>
The velocity of money is a measurement of the rate at which money is exchanged in an economy.
It is the number of times that money moves from one entity to another, or how much a unit of currency is used in a given period of time. Added Guvamatanga:
<blockquote>
As long as I pay from revenue generated from taxes and I am not borrowing from the Reserve Bank of Zimbabwe that should never be an issue at all, because that does not increase the money supply.
</blockquote>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Currency Volatility Attributable To Creation Of "Hot Money" - Captains Of Industry

The United States of America (USA) has <a href="https://news.pindula.co.zw/2019/11/08/un-sanctions-not-only-to-blame-for-zims-economic-problems/">reiterated that sanctions imposed on Zimbabwe are not to blame</a> for the economic crisis in the southern African country.
In a statement issued on 25 October 2022 to coincide with the country’s Anti-sanctions commemorations, the U.S., through its embassy in Harare, said bad governance and maladministration were to blame for the collapse of the once vibrant economy.
The embassy cited cases of corruption reported by local and international media to support its argument. The embassy commented on its 2019 post which cited an article by Business Times which stated that 10 000 carats of diamonds had vanished. Commenting on the article, back then, the embassy said:
<blockquote>
Diamonds worth US$10 million would fund water treatment chemicals for Harare for 4 months that Zimbabweans desperately need. But they were shipped out of the country for “training purposes” &amp; never reached the intended destination. #ItsNotSanctions
</blockquote>
The embassy also cited an article by the News Hawks which stated that Zimbabwe was losing US$157 million to gold plunder and illicit financial flows every month.
<blockquote>
Sanctions play no role in currency volatility, regulatory instability, inflated government contracts, leakages from the extractive sector, counterproductive agricultural policies, and the list goes on. #ItsNotSanctions
</blockquote>
The US imposed sanctions targeting 144 individuals and companies. 141 of the sanctioned entities and individuals are listed in the Zimbabwe Democracy and Economic Recovery Act passed by the US government.
Zimbabwe’s ambassador to Tanzanian <a href="https://www.pindula.co.zw/Anselem_Sanyatwe" rel="noopener noreferrer" target="_blank">Anselem Nhamo Sanyatwe</a>, his wife Chido Machona and State Security minister, <a href="https://www.pindula.co.zw/Owen_Ncube" rel="noopener noreferrer" target="_blank">Owen Ncube</a> — were only added to the sanctions list in 2019. 
For its part, the Zimbabwean government argues that<a href="https://zero.pindula.co.zw/uk-says-only-5-zimbabweans-1-entity-left-under-sanctions/"> sanctions have cost billions of dollars</a> saying entities and individuals on the sanctions lists are the main players controlling means of production in the country. Their performance, positive or negative, therefore, has a trickle down effect on members of the public.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

US Embassy Says Sanctions Play No Role In Currency Volatility, Leakages From Mining Sector

The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that a lack of confidence in the market is one of the major causes of currency volatility.
Speaking during an interview with Business Times, Mangudya said the economic fundamentals to support exchange rate and price stability are in place, hence the need to address the lack of confidence in the market. Said Mangudya:
<blockquote>
Instead, the confidence deficit is one of the major drivers of exchange rate and currency volatility which the government and the bank are currently addressing to arrest the current situation.
Besides confidence, appetite for US$ for a store of value, speculative behaviours and general market indiscipline are also causing the challenges of currency volatility. But with confidence, some of these challenges will be addressed.
</blockquote>
The Zimbabwe dollar has continued to depreciate against the US dollar on both the formal and informal markets.
The exchange rate this week stood at between ZWL$500 and ZWL$550 to US$1 on the parallel market, while it (the local currency) was trading at ZWL$338.49:US$1 at the auction system.
Economist Gift Mugano told Business Times that confidence and excessive money supply among other factors are driving exchange rate volatility in Zimbabwe. Mugano said:
<blockquote>
Now on confidence, we need to understand the major driver of the confidence deficit. We need a paper on this but just on the top of my head, they must do a proper study on what problems the people have with policymakers.
But on top of my head when people lose their money more than twice in two decades I’m talking about extreme cases where we had a collapse of the ZWL$ in early 2009 and in 2019 people lost all their savings in US$ so they have no confidence in the system. Generally, the people don’t trust the system.
From 2018 this government has made a number of policy mistakes where policies were announced and reversed people might have forgotten let’s say the ban of Ecocash within three days reversed, suspension of the stocks market for a number of months again it was reversed just on 7th of May there was the suspension of lending these are shocks and some of these shocks are permanent shocks even if the suspension is lifted because it leaves a scar which is permanent that when you are trading in this economy you have to be careful.
</blockquote>
University of Zimbabwe economics lecturer Moses Chundu said confidence deficit simply means citizens have lost trust in their currency and by extension in monetary authorities.
<h4>More: <a href="https://businesstimes.co.zw/confidence-deficit-drives-exchange-rate/">Business Times</a></h4>

"Confidence Deficit Causing Exchange Rate Volatility"

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