The government has appointed a Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee to spearhead confidence building efforts in the country’s financial markets.
The appointment of the committee, with effect from this Tuesday, comes at a time when Zimbabwe is pursuing financial and economic reforms that have seen the government restricting domestic transactions to the Zimbabwe dollar.
Former Commercial Bank of Zimbabwe (CBZ) Holdings Chairperson, Mr Luxon Zembe said the ability of the committee to help the central bank on policies will be key in steering the financial markets from current challenges.
“We are really concerned about the role of the committee because it was long overdue. However, we hope that it will exercise its roles in a diligent manner for the benefit of the country’s financial markets,” said Mr Zembe.
An economic commentator, Dr Abel Mubango said confidence in the capital markets will be restored through policies that stabilise exchange rates, prices and ensure affordable bank transaction costs.
“Like any other economy, Zimbabwe needs a committee of experts that will also be in a position to craft strategies aimed at increasing confidence within the nation’s capital markets,” he said.
The Monetary Policy Committee was appointed by the Minister of Finance and Economic Development, Professor Mthuli Ncube in terms of the RBZ Act in consultation with President Emmerson Mnangagwa.
The committee will be chaired by RBZ Governor, Dr John Mangudya, with other members being RBZ Deputy Governors, Kupukile Mlambo and Dr Jesimen Chipika, Mr Kumbirai Katsande, Professor Ashock Chakravarti, Mr Douglas Munatsi, Mrs Marjorie Ngwenya, Mr Eddie Cross and Professor Theresa Moyo.