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 Australian Herald 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 Australian Herald.
More InformationWASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
DHARAMSHALA, India: The Dalai Lama turned 90 on July 6, celebrated by thousands of followers in the Himalayan town of Dharamshala,...
London [UK], July 11 (ANI): Following a solid day with the ball, which included two prized wickets of openers Ben Duckett and Zak Crawley,...
London [UK], July 11 (ANI): Following the end of the first day's play during the third Test against England at Lord's, Indian all-rounder...
Kingston [Jamaica], July 10 (ANI): As Mitchell Starc gears up to become just the second Australian fast bowler after Glenn McGrath...
Kingston [Jamaica], July 10 (ANI): Australian batting coach Michael Di Venuto has brushed off Stuart Broad's recent criticism of Australia's...
Kuala Lumpur [Malaysia], July 10 (ANI): China has agreed to sign a Southeast Asian treaty banning nuclear weapons, a move hailed by...
London [UK], July 10 (ANI): India's swashbuckling wicketkeeper-batter Rishabh Pant left the field to receive some treatment, seemingly...