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 Vietnam Tribune.

More Information

Southeast Asia

Section

Former India cricketer Madhav Apte passes away at 86

Mumbai (Maharashtra) [India], Sept 23 (ANI): Former India cricketer Madhav Apte passed away at Breach Candy Hospital here on Monday ...

Amid slowing economies, what are India and rest of Asia doing

By Lee Kah WhyeSingapore City [Singapore], Sept 23: The world markets have recently been taken on a roller coaster ride ...

Kruger ends 7-year title drought on Asian Tour

Cape Town - South Africa's Jbe Kruger has ended his seven-year drought on the Asian Tour by winning the Shinhan ...

Pak PM meets US special envoy for Afghanistan in New York

New York [USA], Sept 23 (ANI): Pakistan Prime Minister Imran Khan on Sunday (local time) met United States' special envoy ...

Redlining the News in Pakistan

Umar Cheema experienced the latest brand of Pakistani media suppression firsthand.Cheema, a prominent investigative reporter, works for national newspaper The ...

'Thrones,' 'Fleabag' Top Emmys, Billy Porter Makes History

LOS ANGELES - "Game of Thrones'' resurrected the Iron Throne at Sunday's Emmy ceremony, ruling as top drama on a ...

International

Section