5 Things Noted from the Monetary Policy

Monday 1 October came with the blues as governor of the RBZ revealed the monetary policy. While economic analysts have shared the viewed that the policy can help the economy, the public aren’t confident. The economy has been de-dollarised by reintroducing local currency bank accounts. Taxes have been increased for the public. Banks have been directed to create nostro accounts for foreign currency transactions (nostro FCAs), which will run separately from existing bank accounts.

1. Zimbabweans will only transact electronically with their accounts being in bond notes, and RTGs.

2. There’s an increase in mobile money transfer tax to two cents per dollar from five cents per transaction.

3. Foreign truckers will now be required to purchase fuel in foreign currency.

4. The parallel market is still rampant and controlling the exchange rate.

5. Price hikes on goods and services are yet to be reviewed.

Check out the monetary policy statement delivered by the RBZ Governor on Monday.