Gono to present monetary policy on Monday

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By Lebo Nkatazo

ZIMBABWE'S central bank chief Gideon Gono announced Wednesday that he would be presenting his much delayed monetary policy next Monday.

Gono was due to present the policy in July, but put it on hold saying he wanted to study the effects of the government-ordered price cuts on all commodities.

The central bank head and Vice President Joice Mujuru were among government officials who were opposed to the populist policy that resulted in goods vanishing from shelves and many businesses shutting down.

Analysts say Gono’s policy is not likely to change the economic fortunes of the country, and he is likely to be under pressure to leave a positive impression as his term nears its end.

In his first half monetary policy in 2006, Gono said: “It is also noteworthy that
this Monetary Policy Statement marks the mid point of my term of office as
Governor and with 28 months left out of 60, it is clear that the targets this
Governor was given upon entry into office in December 2003 have to be achieved within the remaining period and failure to do so is just not a viable OPTION for my team at the bank.

"Through this Monetary Policy Statement, therefore, we seek, as the Central Bank, to bring back light, not just at the end of the tunnel, but right into the tunnel for all Zimbabweans to see their true potential as a people, and to rekindle hope and belief in ourselves.”

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