Reserve Bank of Zimbabwe’s New Governor John Mushayavanhu Set to Unveil 2024 Monetary Policy Statement
The newly appointed Reserve Bank of Zimbabwe Governor, John Mushayavanhu, is set to announce the highly anticipated 2024 Monetary Policy Statement today. This statement is expected to outline a comprehensive set of measures aimed at achieving long-term economic stability in the country.
Among the key measures likely to be included in the policy statement are the introduction of a structured currency system, enhanced control over money supply, and strategies to address velocity and the quantity of money circulating in the economy. These measures are crucial for ensuring durable stability and preventing inflationary pressures.
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Furthermore, the policy statement is expected to delve into the intricacies of interest rates and their impact on money supply growth. It will likely highlight strategies to promote economic growth while maintaining stable inflation rates.
Stakeholders, economists, and the public are eagerly awaiting the details of the Monetary Policy Statement, as it is anticipated to provide crucial insights into the direction of Zimbabwe’s economic policies in the coming year.
Amidst speculation of an impending announcement from the central bank regarding the fate of Zimbabwe’s currency, the local unit plunged to yet another historic low as citizens flocked to the safety of the US dollar.
The Zimbabwe dollar experienced a sharp decline, trading at 22,476 against the greenback. This downturn marks a 73% decrease for the year, positioning it as the world’s second-worst performing currency after the Lebanese pound.
The nation has been gripped by a sense of urgency following the decision to accelerate the start date of the new Reserve Bank of Zimbabwe Governor, John Mushayavanhu, by a month. Local media reports suggest that this move was made in preparation for the announcement of a new currency plan, potentially involving a shift towards the gold standard.
