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Zimbabwe is reportedly considering setting up a currency board to support the weak Zimbabwean dollar which is losing value rapidly even on the official forex auction.
On Wednesday, 10 August 2022, the foreign exchange weighted average rate fell to US$1: ZWL$478.6358 from US$1: ZWL$458.3653 announced by the RBZ last week.
Speaking at an economic conference in the resort city of Victoria Falls on Thursday, Ashok Chakravarti, a member of the Reserve Bank of Zimbabwe’s monetary policy committee (MPC), said:
<blockquote>
The issue of the currency board is being looked at. It’s been done by 40 countries before, but it also requires a substantial amount of reserve money. It is being considered.
</blockquote>
According to <a href="https://www.investopedia.com/terms/c/currency_board.asp">online sources</a>, a currency board is an extreme form of a pegged exchange rate. 
The management of the exchange rate and the money supply is taken away from the nation’s central bank if it has one.
In addition to a fixed exchange rate, a currency board is also generally required to maintain reserves of the underlying foreign currency.
Bloomberg reported Chakravarti as saying Zimbabwe will need about US$700 million to back the domestic money in circulation.
More: <a href="https://www.bnnbloomberg.ca/zimbabwe-central-bank-considers-currency-board-mpc-member-says-1.1804360">Bloomberg</a>

Pindula News

RBZ Considers Currency Board, MPC Member Says

https://twitter.com/fortunechasi/status/1124474382200582145
Chakravarti was commenting on the US imposed ZIDERA sanctions at the Center for Strategic and International Studies (CSIS) in Washington, D.C.
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WATCH: Ashok Chakravarti On How US Sanctions Hurt Ordinary Zimbabweans

Ashok Chakravarti   a University of Zimbabwe economics professor and former government advisor, has told the government not peg the exchange rate of the bond note but should allow it to float freely within the multi-currency system as a first step towards the introduction of a proper local currency.
Addressing delegates at the just-ended Confederation of Zimbabwe Industries annual congress in Bulawayo Chakravarti said that the bond note was a surrogate local currency and not an alternate to the US dollar.
Said Chakravarti :
<blockquote>It (bond note) is over 50% of currency in circulation, The peg between the bond note and US dollar should be removed and it should be allowed to float freely within the multi-currency system.This will be first stepping stone towards the introduction of a proper local currency. (Also) the bond notes released should be limited to $500 million.</blockquote>
More: <a href="https://www.thestandard.co.zw/2018/09/30/let-bond-float-govt-told/" rel="noopener" target="_blank">The Standard</a>

Do Not Peg The Exchange Rate Of The Bond Note Government Told

University of Zimbabwe economics professor and government’s top advisor on Ease of Doing Business reforms as well as Senior Advisor of the Strategic Economic Research Program Professor Ashok Chakravarti has said that Zimbabwe’s economy will not recede back to the hyperinflation era. Professor Ashok Chakravarti said there are better policies this time around. Speaking at a pre-budget seminar organised by Parliament on Friday, Chakravarti said:
<blockquote>We are nowhere near 2007. We are nowhere near 2008. We are not heading towards hyperinflation, as some people are saying, that is not going to happen because we have much better policies at the moment.</blockquote>
Another economist, Gift Mugano said the government should work on removing the red tape as this was hindering business. Said Mugano:
<blockquote>In Mauritius to export you need one document, but in Zimbabwe, you need at least 10 documents. Some of the requirements need to be streamlined. In Zimbabwe, you spend three days to put in place exporting documents, but in Botswana, you need just eight hours.</blockquote>
More: <a href="https://www.newsday.co.zw/2017/10/zim-wont-recede-hyperinflation-era-economist-2/">NewsDay</a>

We are nowhere near 2008, we are not heading towards hyperinflation says govt advisor

University of Zimbabwe economics professor and government’s top advisor on Ease of Doing Business reforms and Senior Advisor of the Strategic Economic Research Program Professor Ashok Chakravarti in an interview with Talent Chademana says that Zimbabwe has already de-dollarised and that we should adopt the Rand.
You can listen to the podcast below:
<iframe frameborder="no" height="400" loading="lazy" scrolling="no" src="https://w.soundcloud.com/player/?visual=true&amp;url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F344409335&amp;show_artwork=true&amp;maxwidth=640&amp;maxheight=960&amp;dnt=1" title="The US Dollar is gone! by Capitalk 100.4 FM" width="640"></iframe>
More: <a href="http://capitalkfm.com/podcast.php?id=189">CapitalkFM</a>

Audio: " The US Dollar is Gone!" says Prof. Ashok Chakravarti

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