Defiant Mthuli Ncube insists Zim Dollar is stable

Finance and Economic Development Minister Professor Mthuli Ncube insists the Zimbabwean dollar is very stable on the market despite its continued devaluation on the parrel market.

Despite reports from global markets statistics which point to the devaluation of Zimbabwean dollar, Mthuli posted on his Twitter handle:

“The US dollar is legal tender in Zimbabwe for transaction purposes. “

“The domestic currency (Zim$) is very stable, arising from prudent fiscal and monetary policies,” he said.

On the black market, a dollar is now worth ZWL$120 in bond notes and ZWL$150 RTGS.

Recently, the country has seen an increase in the prices of basic commodities following forex regulations.

Government outlawed the use of foreign currency as legal tender last June after having used a basket of currencies when hyperinflation forced the government to ditch the Zimbabwe dollar in 2009.

However, the use of the Zimbabwe dollar as the sole legal tender has led to a spike of inflation.