New Monetary Policy Good, But Government Not Trusted Anymore: Business

5 years agoSun, 14 Apr 2019 06:46:20 GMT

New Monetary Policy Good, But Government Not Trusted Anymore: Business

Business leaders in Zimbabwe have blamed a continued depressed economy on lack of trust in the government by business.

Speaking at an AMH Conversations event recently, Confederation of Zimbabwe Industries president Sifelani Jabangwe said while the monetary measures introduced by the government are what business asked for, there’s lack of confidence and mistrust in the government.

“For business, the period from October can be described as a very hectic one. The policy measures that have been put in place are in line with a lot of our requests in terms of removing distortions in the market. But, unfortunately, a lot of them are coming at a time when there has been a loss of confidence and I must agree to some extent mistrust of government intentions.

Then we have the introduction of the interbank market and unfortunately, at the moment there have been lots of buyers, but sellers have been non-existent.
Unfortunately, what we are hearing from the seller is that the rate that is on the market is not the market one, which is why we are finding players doing transactions outside the formal system.
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The lack of confidence in the official platform has now resulted in sellers not coming to the market. We believe if the (interbank forex market) is based on a willing buyer/willing seller platform the rate will effectively come down.