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No More Shock Announcements – Mangudya

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that Zimbabweans should not expect new drastic measures when he presents his mid-term monetary policy statement.

The central bank chief is expected to present his statement soon, and on Tuesday, he told NewsDay that there will be no shock announcements. He said:

There is nothing spectacular, but it’s (mid-term, monetary policy statement) coming. It’s a matter of consolidation.

  • In May, the government suspended bank lending but later reversed the decree after an outcry.
  • In June, the RBZ hiked interest rates from 80% to 200%.
  • In July, RBZ introduced the Mosi-oa-Tunya gold coins

Finance and Economic Development ministry spokesperson Clive Mphambela said:

There are a series of measures put in place in the last eight weeks which have impacted positively on inflation.

As you can see, the parallel market which has been the key driver of inflation is very stable … As we speak, we can see stability which needs to be consolidated.

More: NewsDay

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