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 Tucson Post 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 Tucson Post.
More InformationNEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...
NEW YORK CITY, New York: Financial markets kicked off the week on a cautious note as President Donald Trump rolled out a fresh round...
RIO DE JANEIRO, Brazil: At a two-day summit over the weekend, the BRICS bloc of emerging economies issued a joint declaration condemning...
(Photo credit: Denis Poroy-Imagn Images) Fernando Tatis Jr. and Manny Machado each homered as the San Diego Padres beat the visiting...
(Photo credit: Mark J. Rebilas-Imagn Images) Amazon Prime Video has hired veteran broadcaster Kevin Harlan to call NBA games during...
(Photo credit: Mark J. Rebilas-Imagn Images) Amazon Prime Video has signed Kevin Harlan to call NBA games in the 2025-26 season,...
(Photo credit: Arianna Grainey-Imagn Images) The Arizona Diamondbacks are under .500 for a good reason: Their starting pitching hasn't...
(Photo credit: Kamil Krzaczynski-Imagn Images) Adrian Houser allowed one run over seven innings to help the Chicago White Sox end...
(Photo credit: Denis Poroy-Imagn Images) Geraldo Perdomo hit a grand slam Wednesday night and Brandon Pfaadt sailed through the longest...