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Charity Ruzvidzo Business Reporter
THE Confederation of Zimbabwe Industries (CZI) is seeking audience with the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya to clarify aspects of last week’s mid-term monetary policy statement.
The statement highlighted an array of policy challenges and proposed interventions meant to consolidate economic revival efforts and boost investment in the country.
CZI Matabeleland chairman Busisa Moyo said the meeting would seek clarification on some of the issues raised in the monetary policy statement.
“The review is meant to discuss and clarify some issues raised in the monetary policy statement. As CZI we are greatly concerned with the country’s banking sector. The banking sector we have has become very worrisome.
“Banks are posting big profits but they are not participating constructively in building a stable economic situation in the nation. We want to point that out to the governor,” Moyo said.
He said his organisation would question Dr Mangudya about the continued charging of exorbitant interest rates by financial institutions.
“The interest rates charged in this country are very high, we want to address this issue with the governor and figure out a way forward on how best to deal with the high interest rates.”
He said according to their plans the post monetary policy statement review wiould be held next Tuesday in Bulawayo.
Moyo said CZI was concerned that some of its suggestions were left out of the policy statement despite raising them prior to the crafting of the document.
“We gave suggestions on issues that the monetary policy statement could incorporate. We want to ask the governor why some of these issues were not incorporated,” he said.
Moyo said the review meeting will be attended by businesspersons, the banking fraternity and government officials.
“There will be open discussions, people will ask the governor questions with regards to the monetary statement and give suggestions if any,” he said.
Moyo said his organisation would host another meeting with the National Social Security Authority (NSSA) to understand the institution’s role in financing economic development.
“We are going to meet NSSA as well to ask them on their contribution to economic revival. NSSA is not investing in companies that it collects money from. Through deductions for many years, something should be done to assist the country’s ailing companies,” he said.
CZI held its annual conference recently under the theme “Taking Zimbabwe Industry to the Next Level” in Mutare where participants brainstormed solutions on how to resuscitate ailing industry.
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