Cash crunch 'haunts' Mangudya

Cash crunch 'haunts' Mangudya
Published: 09 February 2017 (236 Views)

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya will present the 2017 monetary policy statement next Monday where he will outline measures to deal with the persistent liquidity challenges facing the economy.

"I will present my monetary policy statement on Monday," said Dr Mangudya in an interview with Business Chronicle.

The much awaited monetary policy is expected to complement Finance and Economic Development Minister Patrick Chinamasa's 2017 fiscal policy statement, which is anchored on revitalising the productive sectors of the economy for sustainable growth.

Economic experts have said Dr Mangudya needs to seriously deal with the persistent cash shortages and respond to industry concerns over depletion of nostro reserves, which are threatening to cripple productivity as firms struggle to get foreign exchange to pay their raw material suppliers on time.

Economist and trade expert Dr Gift Mugano said the RBZ should come up with measures to promote short to long-term funding to productive sectors as well as increase savings.

Key issues such as the state of the banking industry, harnessing diaspora remittances, non-performing loans, impact of bond notes and export receipts are expected to dominate the RBZ's monetary policy statement.

An economic commentator who declined to be named said it was imperative that the RBZ restores confidence in the banking sector by dispelling rumours of the disappearance of the US dollar from the market.

"We also expect to see charges related to mobile money transactions being addressed because they were not dealt with when the Reserve Bank reviewed downwards bank charges," he said.

"RBZ also has to talk about further reduction of bank charges, they are still relatively high. Bank withdrawal limits and the issue of visa cards should also feature in his statement," said the economist.

Business analyst Mr Bernard Kasekete said the forthcoming monetary policy should set the tone for the restoration of business and economic confidence.

"It is now up to them to do their best for the nation," said Mr Kasekete.

Bulawayo-based economic commentator Mr Ndawo Khumalo said he expected Government to uphold the fiscal policy statement and implement the measures it would have outlined.

- chronicle

 0

You May Like These Videos

Comments

| Comment With Facebook Submit

There are no comments.

Business Big Reads

Ecobank unveils $500k Fintech Challenge

by Techunzipped | 24 February 2017 | 71 Views

Air Zim opposed to the granting of licences to Emirates

by Staff reporter | 24 February 2017 | 94 Views

Rainbow airlines set to start Harare-Joburg route

by Staff reporter | 22 February 2017 | 110 Views

Air Zimbabwe targets revenue increase for 2017

by Staff reporter | 21 February 2017 | 97 Views

Zimbabwe inflation hits two-year high but still negative

by Staff reporter | 16 February 2017 | 161 Views

RBZ caps bank charges

by Staff reporter | 16 February 2017 | 238 Views

Banking sector profits jump to $181 million

by Staff reporter | 16 February 2017 | 175 Views

WorldRemit, Zimpost launch instant money transfers to Zimbabwe

by Agencies | 15 February 2017 | 221 Views

South African banks manipulated the US dollar - Rand rate

by Staff reporter | 15 February 2017 | 246 Views

Unilever Zimbabwe to slash salaries by 50%

by Staff reporter | 15 February 2017 | 189 Views

Strive Masiyiwa company acquires SA's Neotel

by Staff reporter | 15 February 2017 | 225 Views

fastjet Zimbabwe collects $2.7m airport taxes

by Staff reporter | 15 February 2017 | 161 Views

Air Zimbabwe to get new planes

by Staff reporter | 14 February 2017 | 198 Views

Strong dollar threatens Zimbabwe exports

by Staff reporter | 14 February 2017 | 153 Views

Zesa sues Ingwebu Breweries over debt

by Staff reporter | 13 February 2017 | 188 Views

Ingwebu Breweries to be privatised

by Staff reporter | 13 February 2017 | 169 Views

Controversy rocks Econet meeting

by Staff reporter | 11 February 2017 | 231 Views

Zimbabwe 'inflation' imported, says RBZ

by Staff reporter | 10 February 2017 | 240 Views

Fastjet suspends Victoria Falls-Johannesburg route

by Staff reporter | 10 February 2017 | 239 Views

Chirume faces ZSE chop, sent on forced leave

by Staff reporter | 09 February 2017 | 303 Views

Cash crunch 'haunts' Mangudya

by Staff reporter | 09 February 2017 | 236 Views

Zimbabwe mobile operators lose over $26 million in 10 months

by Staff reporter | 08 February 2017 | 329 Views

Tsvangirai promise to re-open Ziscosteel

by Staff reporter | 08 February 2017 | 187 Views

ZSE sent CEO on leave over Econet saga

by Staff reporter | 07 February 2017 | 202 Views

StanChart cancels visa services for Zimbabweans

by Staff reporter | 07 February 2017 | 245 Views

ZSE plots to crack whip on defiant Econet

by Staff reporter | 06 February 2017 | 164 Views

Econet shareholders approve rights issue

by Staff reporter | 06 February 2017 | 186 Views

Econet EGM going ahead despite

by Staff reporter | 02 February 2017 | 444 Views

Storm over Econet $130 million rights offer

by Staff reporter | 02 February 2017 | 217 Views

Econet loses 400 000 subscribers

by Staff reporter | 02 February 2017 | 282 Views

Air Zimbabwe struggling to pay IATA debt

by Staff reporter | 02 February 2017 | 227 Views

DStv parent eyes Zimbabwe mobile firms

by Staff reporter | 01 February 2017 | 274 Views

Zimplats revenue up 41%

by Staff reporter | 01 February 2017 | 242 Views

Vacancy - Junior Forex Dealer

by GroCapital Financial Services | 31 January 2017 | 258 Views

Zimbabwe has over-valued US$ exchange rate

by Staff reporter | 31 January 2017 | 208 Views

Zimbabwe should put in place a comprehensive economic reform plan

by Staff reporter | 31 January 2017 | 191 Views

Boost for Alaska – Karoi power project

by Alice Dube | 30 January 2017 | 228 Views