The president of the Confederation of Zimbabwe Industries (CZI), Sifelani Jabangwe said that business is very pleased with the Monetary Policy Statement issued by Reserve Bank of Zimbabwe governor John Mangudya on Wednesday.
In an interview with the Daily News soon after the Mangudya’s presentation, Jabangwe said:
This is very much welcome and it is more of what we have been calling for … people will start going to the banks and buy foreign currency all round, getting fair value for their money, instead of being cheated in the distorted market.
People were also not remitting their forex into banks because they preferred the parallel market, where there was value for US dollars, but now we will see people taking their money to banks.
It will also help with liquidity relating to Diaspora remittances as people can now take the forex to the bank and not parallel markets.
Prices are thus likely to go down. Businesses and local manufacturers will be export competitive as the RBZ has cleared the air on currency exchange rates.
The investment will also start trickling in because there is a defined exchange rate now. Before investors would ask us the rate of their investments and we could not clarify what the national exchange rate was relative to the value of their investment.