CCZ commends Mid-term Monetary Policy Review Policy Statement

Ivan Zhakata

Herald Correspondent

Consumer Council of Zimbabwe (CCZ) has praised the Reserve Bank of Zimbabwe’s (RBZ) 2024 Mid-term Monetary Review Policy Statement for its efforts to stabilise the exchange rate and curb inflation.
The 2024 Mid-term Monetary Review Policy Statement was released today by Reserve bank of Zimbabwe Governor Dr John Mushayavanhu

CCZ’s chief executive officer Mrs Rosemary Mpofu-Chikarakara lauded the introduction of the new structured currency (ZWG), noting that it has boosted confidence in the local currency due to its gold backing.

Mrs Mpofu-Chikarakara said the ZWG’s value was determined globally, providing a degree of stability.

“The economy has witnessed quite a significant positive development since the launch of the ZWG which includes among others the stabilisation of the exchange rate, price stabilisation of most basic goods, improved availability and accessibility of ZWG notes and coins, and the embracement of the new currency which has fairly improved,” she said.

While acknowledging the positive strides made since the ZWG’s launch, Mrs Mpofu-Chikarakara highlighted several challenges that could threaten its stability.

She expressed concerns about the lack of confidence in the new currency, particularly in informal sectors and remote areas, and called for increased consumer education and awareness programs.

Mrs Mpofu-Chikarakara also pointed out the widening gap between the official exchange rate and those applied in supermarkets.

She urged the RBZ to implement measures to narrow this gap and empower consumers with more information.

“The CCZ expects the mid-term MPS to introduce policies that will address these issues, including promoting the use of the ZWG in government departments and reducing high bank charges,” she said.

“By addressing these concerns, the RBZ can further strengthen the ZWG and improve the overall economic situation in Zimbabwe.”