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Tuesday, 02 March 2021 19:17

ZNCC Monetary Policy Review

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The Central Bank Governor, Dr John Mangudya, issued the 2021 Monetary Policy Statement (MPS) on 18 February 2021, which provides an evaluation of progress in implementation of monetary policies enunciated in the August 2020 MPS and outlines the monetary policy measures to be pursued by the bank in the next six months to buttress and sustain the obtaining price and exchange rate stability since the introduction of a monetary targeting framework and a functioning foreign exchange auction system.
The Chamber acknowledges efforts by RBZ in resuscitating the economy and improvements in market updates which are important in allowing economic agents to monitor progress and assess whether there is coherence between the Fiscal and Monetary Policy measures. It is also commendable that the central banks continues in attempting to attain a degree of professional independence after the dissolving of its Monetary Policy Committee and appointing a new one. We also commend effort by the central bank to raise retention ratios, though more still needs to be done, including the recent move to allow for 60% of forex retention by tobacco farmers.

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