Reserve Bank of Zimbabwe (RBZ) governor John Mangudya this week cautioned local companies and government against increases.
He said companies and government can start talking about salary increases once there is production. Said Mangudya:
As I have mentioned in the past, the Monetary Policy Statement measures will bring stability and help control inflation. So the need for a salary hike disappears. The solution to the country’s challenges lies in productivity and confidence. Everyone needs to work hard, not just talk. This economy does not have the capacity to sustain higher salaries or wages than are currently obtaining because there is no production. Once there is production, maybe we can talk of wage increases.
In an interview with The Financial Gazette, Sifelani Jabangwe, the Confederation of Zimbabwe Industries (CZI) president, concurred with Mangudya
More: Financial Gazette
John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe