Browsing: Exchange rate

  • The Government listed measures are expected to restore macroeconomic stability and deal with market indiscipline
  • All domestic foreign currency transfers attract the Intermediate Money Transfer Tax (IMTT) of 4 percent
  • Reviewed capital gains tax for shares held for a period not exceeding 270 days to 40 per cent

Flanked by Finance Minister Professor Mthuli Ncube and Reserve Bank of Zimbabwe governor John Mangudya, President Emmerson Mnangagwa, yesterday announced a raft of measures that he said are necessary to stabilize the economy.

He acknowledged the increase in month-on-month inflation from a monthly average of 4.5% to 15.5% in April 2022. He added that such an increase in domestic inflation was caused by both recent global shocks and domestic factors. In the televised speech, he listed domestic factors which include the pass-through effects of the recent exchange rate depreciation on the parallel market.

“If not contained, the continued depreciation of the …