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 Asia Pacific Star.

More Information

26 ℃

Mostly Cloudy in Seletar

Asia

Section

Chinese capital returning to normal, threat level lowered again

BEIJING, June 5 (Xinhua) -- Beijing will lower its emergency response to the novel coronavirus epidemic from the second level ...

Shares in Hong Kong in Demand, Asian region moves higher

SYDNEY, NSW, Australia - Stocks in Asia continued higher on Friday, while the U.S. dollar remained in free fall."Central banks ...

75% of consumers in UK, Australia and U.S. slam Chinese government

LONDON, UK - More than 75% of consumers in the UK, US and Australia blame the Chinese government for the ...

Stocks in Tokyo, Sydney and Hong Kong advance, Shanghai flat

SYDNEY, Australia - Stocks in Asia advanced on Thursday but gains were limited, and not universal.China's Shanghai Composite finished flat.The ...

Amid Protests, Genocide Survivors Don't Want Their Story Forgotten

LONG BEACH, CALIFORNIA - Throughout Cambodia Town, an immigrant community In Long Beach, California, boarded-up businesses can be seen everywhere. ...

Team Secret reach ESL One Birmingham - EU/CIS final

Team Secret set up a rematch with Alliance in Sunday's grand final of the ESL One Birmingham Online's Europe and ...

Business

Section