Prices of goods show sustained stability: Dr Mangudya

By ZBC Reporter

Economic experts say the country needs to build on gains that have been made in the management of the exchange rate and money supply which has led to the general price stability prevailing in the country.

Prior to the implementation of a raft of measures including controlling the printing of money not backed by production and introduction of the foreign exchange system, inflation was spiralling out of control.

During a virtual conference presentation organised by the CEO Africa Roundtable, Reserve Bank of Zimbabwe Governor, Dr John Mangudya outlined the major milestones which have led to price stability.

“We have transformed the economy through monetary policy tightening and stability in the exchange rate which has proven key in providing policy direction and with prices of goods and services showing a sustained trend of price stability.”

However, one of the keynote speakers, Professor Tony Hawkins while acknowledging the achievements of the central bank, proposed further measures to harness the economic well-being of the country.

“Policymakers should avoid direct intervention in the forex market. The ultimate objective of economic activity is consumption. We need to work to earn an income, save for retirement.”

The virtual conference attracted several prominent people including politicians, the civic society, senior Government officials and international speakers.