Harare, (New Ziana) – Finance and Economic Development Minister, Professor Mthuli Ncube has appointed a nine-member Monetary Policy Committee (MPC) to oversee the central bank’s effectiveness in introducing macro-economic policies that promote economic growth and stability.
The MPC’s main role is to deal with issues around interest rate and inflation targeting, which have an impact on pricing stability and building confidence in the country’s currency, the recently introduced Zimbabwe dollar.
RBZ Governor, Dr John Mangudya, chairs the committee whose other members include two central bank deputy governors, businessmen and academics.
Former Nestle Zimbabwe boss Kumbirai Katsande, Univeristy of Zimbabwe
lecturer Professor Ashok Chakravti, Douglas Munatsi, Marjorie Mgwenya,
Eddie Cross, Professor Theresa Moyo, deputy governors Dr Kupukile Mlambo and Dr Jesiman Chipika make up the team.
Prof Ncube said the committee had been appointed after consultations
with President Emmerson Mnangagwa and takes office effective 10 September, 2019.
In giving policy direction to the central bank, the MPC takes into account internal and external economic conditions.
Zimbabwe’s economy has for decades teetered on the brink and President
Mnangagwa’s new administration has the odious task of resurrecting it from years of neglect.
The MPC has the task of inspiring Zimbabweans to prefer to use the local currency instead of the United States dollar which had been the country’s anchor currency in the past 10 years.
The Zimbabwe dollar, which was fixed at 1:1 to the United States dollar for a long time, has lost its value since it was floated in the first half of the year and is currently trading at 12 to the greenback.