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Monetary policy presentation set for Wednesday
27/01/2014 00:00:00
by Business Reporter
 
Maiden monetary policy ... RBZ boss Charity Dhliwayo
 
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ACTING Reserve Bank of Zimbabwe Governor Charity Dhliwayo will on Wednesday present her monetary policy statement (MPS) against a backdrop of decelerated economic growth due to a variety of challenges facing the economy.

Correspondence from the Reserve bank seen Monday confirmed the Monetary Policy would be presented Wednesday morning at the central bank’s Harare headquarters.

The acting governor is expected to focus on issues relating to continuing instability within the financial sector, the proposed changes to the Banking Act, the establishment of a Financial Ombudsman.

She is also likely to address new bank capital requirements, the proposed indigenisation of foreign banks and, most likely, come up with a structure or policy to compel banks to take up Treasury Bills.

2014 is going to be a year of transformation as the central bank could have a new administration which may implement different policies to those of the current incumbent.

Economists say some banks will struggle to remain profitable or to attract the highly in proportionate capital requirements from international investors this year.

Dhliwayo is also expected to propose new measures to enhance financial sector stability in the country.

The high incidence of bank failures over the years, adversely affected people’s confidence in the banking sector a situation detrimental to the sustained development of the country.

The fragility of the banking sector had also affected domestic savings over the years, and hence it was important for the central bank to come up with new measures to stimulate savings in the country.

Banking sector stability is central to savings mobilisation in the country.

Another key issue that is likely to dominate the monetary policy is the compliance of banks to the new minimum capital requirements and measures that banks are taking to ensure that they meet the new minimum capital requirements.



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