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.

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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