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

Business

Section

Human rights concerns over plans for no-deal Brexit

LONDON, UK - The UK government has been forced by Parliament to make public its contingency plans in the event ...

Bob Iger quits Apple as streaming services go head-to-head

CUPERTINO, California - Walt Disney Co Chief Executive Officer Bob Iger has quit the Apple board as the two companies, ...

Dow Jones inches ahead in otherwise flat market Friday

NEW YORK, New York - Strong U.S. retail sales and data showing a rise in U.S. consumer sentiment encouraged investors ...

Sale of Ohio pipeline to NEXUS to come with FTC conditions

Joint venture NEXUS Gas Transmission, LLC, and its member companies, DTE Energy Company and Enbridge Inc., will settle Federal Trade ...

Stocks in Asia hit six-week high

SYDNEY, NSW, Australia - Stocks in Asia hit a 6 week high on Friday on news overnight that the ECB ...

NFL and Facebook combine to take football global

NEW YORK, New York - The National Football League and Facebook have announced a multi-year partnership extension which will see ...

International

Section