Story by Stanley James, Business Editor
A Mid-year Monetary Policy Review Presentation is on the cards, with expectations measures to further consolidate gains of the Zimbabwe Gold (ZIG) Currency will be outlined.
The past few months have seen Zimbabwe experiencing stable inflationary and exchange rate conditions driven by the gains arising from the newly introduced structured ZiG.
With the domestic currency expected to further anchor Zimbabwe’s roadmap towards full scale stability, a review of overall performance will be presented by the monetary authorities.
It has also emerged that consultations involving the private sector and the central bank are in motion.
In its submissions ahead of the presentation, the country’s largest industrial body, the Confederation of Zimbabwe Industries (CZI), is expecting the fine-tuning of the willing buyer and willing seller system within the interbank market to sustain the needs of companies, thus ensuring the stability of the ZiG.
“The willing-buyer willing- seller basis introduced in the monetary policy statement is a key element towards finding a true price discovery though there are some few hurdles. It is within the expectations of industry that a stable foreign exchange market that provides adequate foreign currency will stimulate stability and thereby sustain the current gains arising from the ZiG,” said Confederation of Zimbabwe Industries Banking and Economics Committee chaiperson, Mr Jimmy Pscillos.
It is also expected to set the tone for Zimbabwe’s thrust to consolidate the use and demand of the domestic currency, create certainty in financial markets, stabilise interest or lending rates, facilitate a viable banking sector, boost foreign currency inflows and facilitate the achievement of a projected two percent growth rate by the end of the year.
