The introduction of a domestic currency has given fiscal and monetary authorities strong hope and optimism that the country is on the right pathway in its economic transformation agenda.
These sentiments came from Finance and Economic Development Minister Professor Mthuli Ncube and central bank Governor Dr John Mangudya during a currency reform breakfast meeting this Monday in the capital.
Zimbabwe’s quest to achieve economic growth was boosted and is now evenly balanced through monetary policy instruments enabled by the introduction of a domestic currency on the 24th of last month.
This comes after government instituted fiscal reforms that manifested as budget surpluses, a key result from the fiscal consolidation started last year and against this background the Professor Ncube believes the economy is in a better position to support the local currency.
“As authorities we are now done with macro-economic reforms we now want to focus on productivity issues of the economy,” he said.
Dr Mangudya said fiscal and monetary measures put in place are adequate and sufficient to rejuvenate the economy and what is only left is to reduce the country’s over reliance on imports, especially basic commodities which immediately calls for the economy to be productive.
“Behavioural change is required amongst Zimbabweans to solve confidence and economic productivity issues,” said the apex bank governor.
Monetary authorities also took the opportunity to thank Zimbabweans for accepting the domestic currency as encouraging statistics on the interbank market showing that since Monday last week the banks have received close to US$9 million to further liquidate the formal market.