Chronicle Editor
Natasha Chamba, Business Reporter
ZIMBABWE’s largest banking group, CBZ Holdings, has described the 2019 Monetary Policy Statement (MPS) as a “refreshing” proposition and bold step closer to “reality”.
The introduction of the interbank foreign currency trading system, a departure from the previous 1:1 bond note/RTGS rate with the US dollar, is one of the key positive highlights of the MPS that was presented by Reserve Bank Governor Dr John Mangudya last month.
In an interview with Business Chronicle at an event hosted by the bank in Bulawayo, CBZ managing director, Mr Peter Zimunya, said the MPS was going to foster positive change in the economy because of its realistic approach towards the US dollar and RTGS issue.
“Thumbs up to the MPS, it is really refreshing to know that the Central Bank took heed of the people’s sentiments and took a more realistic approach to the 1:1 issue,” he said.
“As banks we still have to meet with the apex bank and clarify a few things but for now the future of our economy seems bright.”
Meanwhile, CBZ chief executive officer, Dr Blessing Mudavanhu, said the biggest task for the bank in 2019 was preservation of value in savings.
“The biggest issue for 2019 is preservation of value in our work and the services we offer. It is of paramount importance for us this year to gain the trust of our clients in preserving their money’s value at all costs,” he said.
“With all these economic challenges, it will be hard preserving value but it is quite attainable.”
Dr Mudavanhu said the bank would continue with its Youth Empowerment Programme (YEP), which was launched in 2016. He said since the programme’s inception, the bank has nurtured 414 entrepreneurs by exposing them to business opportunities.
“As part of our social responsibility, the YEP programme is going on this year and we expect the youth to approach our branches in large numbers for enquiries about this programme, which so far is boosting employment among the youth through various business opportunities that we expose them to,” he said.
“The programme will have a bias towards females and those in the rural areas because we believe they are the most vulnerable people.”
Dr Mudavanhu was appointed as CBZ chief executive officer last year in June after the then chief executive officer, Mr Never Nyemudzo, had resigned. — @queentauruszw
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