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OpenMthuli Ncube Speaks On Monetary Policy Statement Delay
Finance, Economic Development and Investment Promotion Minister Mthuli Ncube has said the 2024 Monetary Policy Statement (MPS) has been delayed because it is being fine-tuned to avoid mistakes.
The MPS was expected to be released last month and the delay has raised uncertainties on the market.
Speaking to NewsDay in an interview on the sidelines of the seven-day 56th session of the United Nations Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development in Victoria Falls, Ncube said:
These things take time. They (the central bank) will release a Monetary Policy Statement in the fullness of time. They are probably preparing, looking for things to align, that is normal.
That is normal policy-making. Also, you watch the market, and you fine-tune. You want to make sure that there are very few mistakes.
He said one of the issues the MPS will address is the currency volatility that has resulted in runaway inflation. Said Ncube:
That is one of the things it will put out there, I cannot go further than that. All I can say is that the Monetary Policy Statement will seek to make sure there is currency stability because currency stability will ensure macroeconomic stability in the sense that prices will start behaving. After all, volatile prices are linked to exchange rate volatility.
So, once you deal with currency stability, you deal with stability in general and that is the target, that is the quest and the Monetary Policy Statement will speak to that.
You don’t want to do something, then there is a mess tomorrow, so all of that is taken into account. It’s a major Monetary Policy Statement.
It’s not a small Monetary Policy Statement, so it’s good that they (the central bank) are taking time, studying things, mulling over things.
I think by the time it is released, they will feel that they applied their minds, that we, as policy-makers, have applied our minds.
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