Churches Hail New Monetary Measures

Churches yesterday hailed the Monetary Policy Statement unveiled by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya on Monday saying it will stimulate economic growth and eradicate the illegal parallel market. In an interview yesterday, Zimbabwe Amalgamated Council of Churches patron Mr Jimayi Muduvuri said the measures, though painful for now, had long-term gains that would encourage Foreign Direct Investment (FDI).

Mr Muduvuri hailed the decision to separate Real Time Gross Settlement bank balances and Foreign Currency Accounts saying it will entice Foreign Direct Investment.

“As churches we are fully behind the measures announced by the central bank.

“In particular the measures will now encourage foreign investors to come to Zimbabwe knowing that they will bring foreign currency and eventually get their profits in hard currency,” said Mr Muduvuri who was accompanied by bishops from several denominations.

“The measures have long-term results. They will ensure that Zimbabwe prospers. They will ultimately remove the selling of foreign currency in the streets in the parallel market, so we are excited and we are quite optimistic that they will set the tone for economic recovery,” Mr Muduvuri said.

“They will be pushed out of business because people would soon use official channels such as banks to access hard currency.”

Mr Muduvuri implored investors to take advantage of the policy measures and invest in Zimbabwe where he said they were assured of getting their returns.

“We say to investors this is the right time to come and invest in Zimbabwe. Investors are indeed assured of their returns in foreign currency.

“As churches we are also encouraged by the measures in that people can borrow foreign currency against the hard currency reserves that would have been built over time,” said Mr Muduvuri.

Cabinet has since approved the Transitional Stabilisation Programme that was presented by Finance and Economic Development Minister,Professor Mthuli Ncube, on Tuesday.

The decision to adopt the measures were announced by Information, Publicity and Broadcasting Services Minister, Monica Mutsvangwa, during the weekly briefings on Cabinet resolutions.

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