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Thursday, May 30, 2024

RBZ Governor appears before parliament

Story by Stanley James, Business Editor

THE Reserve Bank of Zimbabwe (RBZ) has reassured the nation that it will walk the talk on tight money supply to preserve the value of the new Zimbabwe Gold (ZiG) currency.

A joint portfolio committee on Budget, Finance and Investment Promotion and Industry and Commerce held this Tuesday created a platform for legislators to present inquiries to the RBZ Governor, Dr John Mushayavanhu on the implications of the 2024 monetary policy statement and the Zimbabwe Gold (ZiG).

Responding to inquiries on preserving the currency’s value, Dr Mushayavanhu reaffirmed commitment by the central bank to stick to a tight money supply.

“Like what i have said, this currency will not be oversized. Basically, it will be based on what we reiterated within the monetary policy statement,” he said.

The central bank chief also responded to questions on interventions to guard against the influx of illegal foreign currency dealers.

“Ofcourse we understand the dynamics of such an issue remember these are speculative tendencies but let me assure you come June ZiG will be on high demand and this will further strengthen the currency,” he noted.

Dr Mushayavanhu told legislators that considerations regarding the extension of the ZiG to purchase other key commodities and services is in progress.

“There is still a lot at stake that as the central bank we are fully considering it is a phase and like what i have said the initiative will be done in a gradual phase.”

The central bank chief also revealed that ZiG notes and coins will be introduced into circulation on the 30th of this month.

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