The Governor of RBZ, Dr John Mangudya today at RBZ announced the 2018 Monetary Policy Statement, together with the Minister of Finance Prof Ncube who gave the fiscal side.
The Monetary Policy Statement has been announced at a time where Zimbabwe is experiencing foreign currency shortages and basic commodities price hikes.
Dr Mangudya announced measures to strengthen the multi currency system contrary to the expectations of people who were expecting the rand adoption as indicated earlier on one of Classic 263’s program, The Grill. All banks were instructed to differentiate FCA’s into Nostro FC and RTGS Accounts.
Speaking on the fiscal side, The Minister of Finance, Prof Ncube, said Government borrowing from RBZ is limited to the constitutionally mandated amount ie not more than 20% of government revenue. He also said Treasury will incline more towards private, public partnership and other tools that allow private players to bring equity. Privatisation of parastatals and repayment of foreign debt to be accelerated. THE Minister of Finance will deliver the full economic reforms by the end of this week.
Meanwhile, ZIMRA Board has been terminated with immediate effect. Senior Management to administer affairs at ZIMRA till a substantive board has been appointed.