The Economy Will Stabilise Soon - Mangudya

4 years agoWed, 08 May 2019 08:30:18 GMT

The Economy Will Stabilise Soon - Mangudya

Reserve Bank of Zimbabwe Governor John Mangudya said that the economy is on the mend following the recent fiscal and monetary measures put in place.

Mangudya said this on Tuesday at the State of the Economy (SoE) Report presentation in Harare. He said:

We are in transition to a stable economy and a stable economy is required for purposes of increasing growth.

The economy is expected to adjust soon from the recent fiscal and monetary policy measures. We have done very well under circumstances which are so difficult.
As a nation, we have been shaken by policy measures we have adopted, but they are for a good cause to a permanent stable solution. A superstructure which is strong to expand the economy.
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The central bank chief added that measures that will bring stability to the economy include reducing the high fiscal deficit, among others. Said Mangudya:

These include reducing high fiscal deficits, which were translating into the higher money supply, fiscal consolidation, encouraging pricing of goods and services in RTGS$, reducing the huge import bill which is fuelling foreign currency demand.
… The decline in monthly inflation since the peak in October 2018 signals dissipation of inflationary pressures.

Inflation has, however, continued to rise as the rate of the RTGS dollar has weakened against the greenback on the alternative market. An acute shortage of fuel has also worsened the situation as foreign currency remains scarce.