Grain Millers Welcome Monetary Policy Statement

The Grain Millers Association of Zimbabwe (GMAZ) says it welcomes the Monetary Policy Statement issued by Reserve Bank of Zimbabwe (RBZ) Governor John Panonetsa Mangudya on 18 February.

In a statement, GMAZ chairman Tafadzwa Musarara said they welcomed the Central Bank’s decision of monetary easing as it will help in achieving single-digit inflation and arrest price increments, especially of basic goods. Said Musarara:

We are impressed that the Central Bank has taken the prudent decision of monetary easing, which is consistent with current practice by other progressive emerging economies.

In particular, we marvel at the craftiness around viable management of the forex auction system and placing money supply growth in regis mortis in order to achieve single-digit inflation and arrest price increments, especially of basic commodities.

The direction taken will, inter alia, achieve staple food pricing stability and consumer affordability.

This will, in the main, promote food security at both the household and national level. The promising bumper agricultural harvest will reduce import bill and reserve the foreign currency available to other key import essentials.

We commit ourselves to this statement and pledge our full support.

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