Zimbabwe establishes monetary policy committee in stability bid

Sat, 18 Jan 2020

Zimbabwe establishes monetary policy committee in stability bid

News24
12 Sep 2019, 00:40 GMT+10

Zimbabwean Finance Minister Mthuli Ncube has established a Monetary Policy Committee in his latest attempt to stabilise an economy in freefall.

The former economics professor, appointed last year to get the economy out of a two-decade rut, named a nine-member panel consisting of academics, bankers and the governor and two deputy governors of the nation's central bank.

Ncube reintroduced the Zimbabwe dollar, which the country had abandoned in 2009, and banned the use of foreign currency in June. The unit, a precursor of which was tied to the U.S. dollar at parity in February, is now trading at 11.99 to the dollar.

"Until their terms of reference are clarified, it's difficult to gauge how effective the monetary policy committee will be," he said. "For example, if there is a vote on interest rates, does each member have one vote?"

The board will be chaired by John Mangudya, the central bank governor. He will be deputized by Katsande.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.

More Information

21 ℃

Showers in the Vicinity in Sydney

Business

Section

New York to spend $6.8 billion over 5 years to combat climate change

ALBANY, New York - New York state is to spend an additional $2 billion on energy efficiency and building electrification ...

China economy slows to 3-decade low, stocks finish flat

SYDNEY, Australia - Stock markets in Asia finished in the black on Friday, despite the release of economic data in ...

Lower expenses and low debt highlights of New Zealand financial report

WELLINGTON, New Zealand - The New Zealand government's books are in good shape with the accounts in surplus and expenses ...

ADB issues 3 and 10 year USD bonds worth $4.25 billion

MANILA, Philippines - The Asian Development Bank (ADB) returned to the U.S. dollar bond market on Wednesday with the pricing ...

Japanese and Australian shares advance, China holds its fire

SYDNEY, Australia - Stocks in Asia were mixed on Thursday, despite the historic signing of a new trade deal, or ...

Website manager offered investors returns of 15% to 25%

WASHINGTON, DC - The Securities and Exchange Commission has frozen the assets of an Illinois man and his company after ...

International

Section

Jailed U.S. citizen who demonstrated against Egyptian coup is dead

CAIRO, Egypt - The death this week of Mustafa Kassem, an Egyptian-American imprisoned in Egypt after an unfair trial, underscores ...

How dealer and player swindled Maryland casino

BALTIMORE, Maryland - After just a few hours of playing baccarat at a Maryland casino in September 2017, Chenguang Ni ...

Lower expenses and low debt highlights of New Zealand financial report

WELLINGTON, New Zealand - The New Zealand government's books are in good shape with the accounts in surplus and expenses ...

U.S. government report concludes White House violated law

WASHINGTON, DC - On the eve of U.S. President Donald Trump's impeachment trial a damning new government watchdog report has ...

Way paved for Donald Trump impeachment trial to begin

WASHINGTON, DC - The Senate impeachment trial of President Donald Trump began Thursday with preliminary proceedings, including House lawmakers who ...

Weinstein defense team renews push for new trial venue

NEW YORK, New York - American film producer Harvey Weinstein's defence team has asked for a change in the venue ...

Movie Review

King Solomon's Mines