RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya will present his Mid-Term Monetary Policy Review today amid expectations his measures are set to complement measures announced by fiscal authorities last week.
by BUSINESS REPORTER
The review comes on the back of stability in the financial sector after RBZ met its June 30 deadline to rid the sector of troubled banks. Troubled Tetrad Investment Bank has been quarantined and is now under the provisional judicial management of the Deposit Protection Corporation.
Mangudya is riding on a crest after the acceptance of the bond coins in the market. The coins were introduced in December to buttress the multi-currency regime and are credited for the current wave of price reductions on products.
RBZ has announced moves to decommission the Zimbabwe dollar from the system boosting confidence in the financial sector. The decommissioning of the local unit has killed any prospects of the return of the Zim dollar, banished when the country embraced a multi-currency regime in 2009.
In his January monetary policy statement, Mangudya said the central bank and government would put measures to promote investment from the diasporans. This has seen RBZ licensing authorised dealers to do inward and outward remittances.
RBZ estimates that Diaspora remittances into the country currently stand at around $1,7 billion and gravitating towards $2 billion.
