Zim's rescue plan 'unfounded'
11/07/2007 07:26  - (SA)  

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Johannesburg - Zimbabwe has dismissed claims of a plan to peg its dollar to the South African rand to stabilise Harare's currency, say reports.

Its website quoted Reserve Bank of Zimbabwe governor Gideon Gono on Wednesday as saying media reports on the so-called rescue scheme were unfounded.

He said: "As governor, I want to assure the market that nothing of the sort, as reported, has ever been or is under our consideration."

The secretariat of the Southern African Development Community (SADC) also rejected the reports.

A SADC statement said: "SADC disassociates itself from any reported support packages as they did not originate from its secretariat."

Weekend reports said SADC was putting together a plan to peg the rand to the Zimbabwe dollar by extending the multilateral monetary area of South Africa, Namibia, Lesotho and Swaziland to Zimbabwe.

The Zimbabwe dollar was reportedly being traded on the black market for up to 250 000 for one US dollar.

 

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