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.
The year 2020 was characterised by the COVID-19 pandemic that hit not only Zimbabwe but the rest of the World. The pandemic continues to weigh on business, and resulted in the disruption of global supply chains for both raw materials and final products and services and a slowdown of global financial flows. Dr Tinashe Manzungu The Zimbabwe National Chamber of Commerce recognises the role that business plays to achieve our shared goal during this crisis, to maintain jobs and business continuity; to support health, stability and social well-being of the Zimbabwe populace. Despite the effects of the pandemic the Chamber continued and continues to make strides in servicing its members given that business is the antidote for an economic recovery, hence this report outlines achievements by the Chamber during the year 2020. Over the year, the Chamber continued to engage with policy makers and engagements continued to provide a harmonious and productive working relationship between Government and the Private Sector. While the year has been characterised by the effects of the covid-19 pandemic, the Chamber acknowledges efforts by the Government in addressing constraints on the economic front. These include;
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