Deputy Governor of the Reserve Bank of Zimbabwe Dr Khupukile Mlambo has lauded the re-engagement efforts by the government with the international community in bringing stability to the financial sector.
The government’s efforts to mend relations with the global community will go a long way in restoring confidence in the financial system as well as the economy by both local and international investors.
These sentiments were made by Dr Mlambo while discussion opportunities and threats in the new economy during a gathering convened by the Actuarial Society of Zimbabwe (ACZ) in Harare yesterday.
“Zimbabwe’s financial sector will benefit largely from re-engagement with the international community being pursued by the government because once international investors invest in the country, it helps stabilise the system,” he said.
Dr Mlambo said that the public have been shunning the banking system owing to lack of trust in them.
The expected readmission of Zimbabwe into the Commonwealth has also seen lines of credit being opened for the country.
Mr Itai Chirume who was a panelist at the event said Operation Restore Legacy was instrumental in containing a bull run hence correcting the stock market.
“The stock market was on runaway due to inflationary expectations by the investing public, but Operation Restore Legacy was timely as it helped to calm the markets,” he said.
Participants at the convention concurred that the parallel market for foreign currency and multiple pricing of commodities will soon be a thing of the past as the government is currently instituting fiscal and monetary reforms.