Ncube sets up monetary policy committee to boost confidence

Ncube sets up monetary policy committee to boost confidence 1

HARARE – Finance minister Mthuli Ncube on Tuesday appointed a monetary policy committee (MPC) at the central bank as part of a set of reforms aimed at removing economic distortions and boosting confidence in policy-making. The nine-member MPC includes central bank governor John Mangudya, two deputy governors, university professor Ashok Chakravarti and former opposition politician Eddie Cross. Other members of the committee are actuarial scientist Marjorie Ngwenya; former Confederation of Zimbabwe Industries president and Nestle Zimbabwe MD Kumbirai Katsande; former BancABC CEO Douglas Munatsi; economics professor Theresa Moyo and deputy…

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Mangudya grilled over RTGS$, US rate disparity

Mangudya grilled over RTGS$, US rate disparity 3

BY VENERANDA LANGA RESERVE Bank of Zimbabwe Governor John Mangudya was on Thursday grilled in Parliament over disparities between the official United States dollar rates of 1:2,5 and the parallel market rate of 1:3,6 resulting in price increases of goods and services. Mangudya appeared before Parliament to speak about fuel challenges in the country when he was asked to explain the impact on the economy of the non-availability of foreign currency in the country and the introduction of the real time gross settlement dollars. In his recent Monetary Policy statement,…

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Forex parallel market bullish

Forex parallel market bullish 5

BY BLESSED MHLANGA FOREIGN currency parallel market traders are unfazed by the introduction of the interbank market auction of the real time gross settlement dollars (RTGS$) and have continued trading on the streets without batting an eyelid. United States $100 is fetching $370 RTGS$ or bond note on the black market, while on the interbank market it is trading at 1:2,5 creating a loophole for speculators to take advantage of the gaps. Illegal money changers, said the rate was not affected by the pronouncements made by Reserve Bank of Zimbabwe…

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