Zimbabwe Needs An Independent Central Bank To Avert Hyper Inflation Risk - IMF

For the govt to curb inflation which is threatening to get out of hand, the country should have an independent central bank IMF’ country representative Patrick Imam said.

Mr Imam was speaking at a multi-stakeholder debt conference in Harare when he said:

I have said this earlier, Zimbabwe needs an independent central bank. The deeper question is: why is it all the Latin American countries and some African countries which have been through hyperinflation reformed their institutions?

The first thing you do after hyperinflation is to create an independent central bank. After the hyperinflationary period a decade ago Zimbabwe hasn’t been able to put the right institutions in place.Institutional reform will help in ensuring there is no repeat of history. RBZ needs to be truly independent so as to make independent decisions

The IMF has been imploring the govt to implement reforms so that the country’s debt may be restructured.

More: Zimbabwe Independent