Zimbabwe Treasury Appoints Foreign-Exchange Allocation Committee

(Bloomberg) -- Zimbabwean Finance Minister Mthuli Ncube established a committee to oversee the allocation of foreign currency, amid a shortage in the southern African nation.

The nine-member committee includes officials from the presidency, the finance, energy and commerce ministries, and the central bank, according to a statement emailed by the Treasury on Friday. The creation of the panel is part of a broader plan to set up a revised framework for foreign-exchange allocation, Ncube said.

An economic crisis in Zimbabwe has spawned a shortage of cash, idling gold mines and leading to scarcities of fuel and food.

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