Snippets From The 2020 Monetary Policy Statement at the RBZ Today

The Reserve Bank Governor Dr John Mangudya is presenting the country’s 2020 Monetary Policy Statement at the RBZ.

Dr Mangudya is on record saying that the central bank was working on measures to further entrench stability of the Zimbabwe dollar, through the 2020 Monetary Policy Statement.

Below are the snips

• Dr Mangudya says Zim is gradually de-dollarising and expects to complete the process in 5 years.
• Dr Mangudya says most transactions in the country are being done using the local currency (Zim$)
• Dr Mangudya says foreign currency accounts are “very safe & sound.”
• “We don't have any appetite whatsoever.”
• RBZ to maintain the interest rate at 35% per annum – Dr Mangudya
• “50% of the money in the banking sector is owned by 200 entities.” JP Mangudya
•  Dr Mangudya says the central bank is advocating for an Import Substitution strategy so that we stop importing that which can be produced here
• The RBZ governor says the country is importing almost everything and this includes potatoes, carrots, maize and cooking oil.

More to follow