News24
11 Sep 2019, 20:10 GMT+10
Zimbabwean Finance Minister Mthuli Ncube has established a Monetary Policy Committee in his latest attempt to stabilise an economy in freefall.
The former economics professor, appointed last year to get the economy out of a two-decade rut, named a nine-member panel consisting of academics, bankers and the governor and two deputy governors of the nation's central bank.
Ncube reintroduced the Zimbabwe dollar, which the country had abandoned in 2009, and banned the use of foreign currency in June. The unit, a precursor of which was tied to the U.S. dollar at parity in February, is now trading at 11.99 to the dollar.
"Until their terms of reference are clarified, it's difficult to gauge how effective the monetary policy committee will be," he said. "For example, if there is a vote on interest rates, does each member have one vote?"
The board will be chaired by John Mangudya, the central bank governor. He will be deputized by Katsande.
Get a daily dose of Myanmar Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Myanmar Sun.
More InformationWASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
Kabul [Afghanistan], July 5 (ANI): A large number of Afghans recently deported from Iran are facing severe challenges, including homelessness,...
Kathmandu [Nepal], July 5 (ANI): The Nagarik Unmukti Party has decided to walk out of the ruling alliance led by Nepal Prime Minister...
Raipur (Chhattisgarh) [India], July 5 (ANI): BJP MP Sudhanshu Trivedi on Saturday slammed Congress MP Rahul Gandhi over his remarks...
Birmingham [UK], July 5 (ANI): Indian skipper Shubman Gill concluded a record-breaking Birmingham Test against England with breathtaking...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...