President Emmerson Mnangagwa on Saturday announced measuresĀ  meant to arrest the currency’s depreciation, threatening Zimbabwe’s economic stability.

Addressing the nation yesterday, Mnangagwa said Banks in the country have been ordered to stop lending with immediate effect.

He said this is to minimize the creation of broad money that is prone to abuse for purposes of manipulating the exchange rate

He said all withdrawals for amounts above US$1 000 will now attract a 2 percent levy.

The Reserve Bank of Zimbabwe (RBZ) was directed to settle all foreign currency auction system allotments within 14 days to improve confidence in the system.

ZUPCO will no longer have monopoly as other players will be allowed, although it will be regulated to prevent chaos and anarchy.

Below is the full speech.