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Monetary Policy to be announced

The Reserve Bank of Zimbabwe governor John Mangudya today at 1430 pm is expected to present the Monetary Policy Statement (MPS) which is likely to set out a road map to a new Zimbabwe.

This comes as a result of rift between him and Finance Minister Mthuli Ncube on how best they can manage the country’s currency crisis.

Mangudya’s last MPS has directed local banks to separate hard currency deposits from Real Time Gross Settlement (RTGS) balances, admitting that the two had no equal value.

Since then the economy has been deteriorating, resulting in accelerated price hikes and shortages of basic commodities.

The cost of living is going beyond the reach of the most Zimbabwean, local businesses are folding and foreign investors are pulling out of the market because of the currency crisis.

While it is acknowledged that the country is not ready to have its own currency because the economic fundamentals are simply not in place.

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About Tania Olgar Satikono