I do not believe in quasi fiscal activities – Mushayavanhu

Business Reporter

THE newly appointed Reserve Bank of Zimbabwe (RBZ) governor ,Dr John Mushayavanhu has vowed to end the culture of quasi-fiscal activities at the central bank.

Presenting the delayed Monetary Policy Statement Friday the new exchequer vowed to end supporting activities which are not in line with the central bank’s mandate.

“I do not believe in quasi-fiscal activities. It is not going to happen under my watch. My mandate as spelt out in the Reserve Bank Act is very clear and I have no intention to do other people’s jobs. I will do my job as the central bank governor as defined in the RBZ Act,” he said.

He said the bank had moved all quasi-fiscal balances to the Treasury to clean operations up the balance sheet of the RBZ. The quasi-fiscal operations have been blamed for increasing money supply.

Te central bank also announced that forex exchange rates of US$1:ZWL$33 903 and US$1:ZiG13,5616. You divide ZWL$33 903 by ZiG13.5616 to get approximately 2 499,9263.

This means, one ZiG is equal to ZWL$2 499.9263 or a ZWL$ equals ZiG0,00040001179836.

So, if you earn ZWL$3 390 300 in monthly wages, in another example, you multiply this amount by 0,00040001179836 to get ZiG1 356, 16. Additionally, you can divide this monthly wage by 2 499.9263 to get ZiG1 356,16.

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