THE Reserve Bank of Zimbabwe (RBZ) has erected two more structures, which will work towards stabilising the new Zimbabwe Gold (ZiG) currency.
The developments come at a time when the local unit has suffered heavy blows on the parallel market with premiums reaching as much as US$1:ZWG20.
Traditionally, local markets have maintained sensitivity to parallel market dynamics, which are also the determinant factor of inflation.
Presenting the Mid-Term Monetary Policy Review Statement last week, RBZ Governor, John Mushayavanhu, revealed that the Liquidity Management Committee made up of central bank and Finance Ministry officials had just been put in place to assess the liquidity situation and implement relevant policies.
The apex bank also established the Monetary Policy Implementation, Monitoring and Evaluation Committee (MPIMECO) that keeps track of the key indicators to promptly identify emerging risks and ensure timely response by the RBZ.
"The MPIMECO developed a Governor's Dashboard, which helps to provide early and daily warning signals on key monetary policy and financial sector developments and occasion appropriate and timely application of risk mitigation /management measures by the central bank.
"These indicators are expected to offer the market more immediate and actionable data, allowing for better forecasting and response to shifts in the economic landscape," said Mushayavanhu.
The RBZ exchequer, however, distanced the economic fundamentals from the ongoing exchange rate depreciation, instead blaming rampant price distortions.
"The higher parallel market rates are implied in the pricing structures of goods and services, as opposed to the actual trading of foreign currency in the alternative market, where the rates and trades have remained low since the introduction of the structured currency.
"As such, the RBZ, through the Financial Intelligence Unit will continue to deal with unjust forward pricing behaviour to minimise the inflationary pressures from speculation and greed, which fuels greedflation," he said.
