Finance and Economic Development Minister Mthuli Ncube has announced a nine member committee to oversee the monetary policy at the Reserve Bank of Zimbabwe (RBZ) tasked with bringing stability in the economy.
In a press circular seen by this publication, the committee comprising of academics, economists and governors from the bank, is with effective from the 10th of September 2019.
“In terms of the Reserve Bank of Zimbabwe Act Section 298 and in consultation with His Excellency, the President, Cde E.D Mnangagwa, I am pleased to announce the appointment of a Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe, with effect from 10 September 2019,” read the statement.
The nine are, Governor of RBZ Dr John Mangudya, for CEO of Nestle Zimbabwe Mr Kumbirai Katsande, Professor of Economic Ashok Chakravarti, founder of ABC Holdings bank Mr Douglas Munatsi, Mrs Marjorie Mgwenya, Economist and former MDC member Mr Eddie Cross, Professor Theresa Moyo, RBZ Deputy Governors Dr Khupukile Mlambo and Dr Jesiman Chipika.
Following the abolishment of the multi-currency system earlier this year, Zimbabwe’s Central Bank has regained its monetary policy autonomy and the committee will be critical in the formulation of the fiscal policy.
Amongst major tasks at hand are the issues around interest rates and inflation targeting.
Zimbabwe’s inflation has been on an upsurge in recent months, believed to be in excess of 400 percent now.
The team is expected to get the ball rolling with the mid-term monetary policy statement around the corner.