The Ministry of Finance and Economic Development has hinted to a number of currency reforms to be implemented within the shortest period, among them adopting a market based foreign currency exchange as well as a vigorous stance to revive the Monetary Policy Committee.
The new Finance Minister and Economic Development Professor Mthuli Ncube admits the country needs a stabilisation plan to be implemented within the shortest term to stabilise and ease the current macroeconomic pressures that are troubling the economy.
Thus far, the ministry is currently working on a number of turnaround strategies to aid the quick turn of the economy and bring relief to one of the dominant challenges that has become perennial for the citizenry, the availability of cash.
Professor Ncube, responding to questions on Bloomberg Television, has hinted to a number of rigorous plans they are working on that will translate to a stabilised economy while also boosting investor confidence.
The idea of a Monetary Policy Committee was implemented in 2012, but received criticism on arguments that the central bank no longer had a monetary unit to control.
Over the last six years the committee has largely been dormant as the apex bank focused on its other mandates to supervise financial supervision among other functions.
While these reforms will be critical to provide the campus that will guide the country’s economic performance going forward the crux of the matter is that the finance minister will have to expedite the current efforts to convince international creditors to extend a lending hand to Zimbabwe.
This will be part of his agenda as he interacts with financial leaders and delegates at the ongoing United Nations General Assembly in New York where he is part of the delegation that travelled with President Emmerson Mnangagwa.