Zimbabwe establishes monetary policy committee in stability bid

News24
12 Sep 2019, 00:40 GMT+10

Zimbabwean Finance Minister Mthuli Ncube has established a Monetary Policy Committee in his latest attempt to stabilise an economy in freefall.

The former economics professor, appointed last year to get the economy out of a two-decade rut, named a nine-member panel consisting of academics, bankers and the governor and two deputy governors of the nation's central bank.

Ncube reintroduced the Zimbabwe dollar, which the country had abandoned in 2009, and banned the use of foreign currency in June. The unit, a precursor of which was tied to the U.S. dollar at parity in February, is now trading at 11.99 to the dollar.

"Until their terms of reference are clarified, it's difficult to gauge how effective the monetary policy committee will be," he said. "For example, if there is a vote on interest rates, does each member have one vote?"

The board will be chaired by John Mangudya, the central bank governor. He will be deputized by Katsande.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Belgium Sun.

More Information

Europe

Section

Some US Lawmakers Consider Designating White Supremacists as Terrorist

In June, Canada labeled the white supremacist group Blood & Honor and its armed branch, Combat 18, as terrorist organizations. ...

Ex-campaign Chief Defends Trump at Chaotic Impeachment Hearing

WASHINGTON - Corey Lewandowski, President Donald Trump's former campaign manager and close confidant, on Tuesday vigorously defended his former boss ...