IMF welcomes Zim monetary reforms

The International Monetary Fund (IMF) says the latest reforms announced by both the Ministry of Finance and Economic Development through SI 142 of 2019 and the Reserve Bank of Zimbabwe through exchange control directive RU102/2019, are welcome as they seek to address economic distortions that have impaired macroeconomic stability.

Last week, Government introduced a raft of changes that saw the country finally abandoning the multicurrency regime that had been in place since 2009. Through SI 142 of 2019, Government outlawed the use of any foreign currency in local transactions, but still allowed the buying and selling of foreign currency on a willing buyer-willing seller basis.

IMF representative to Zimbabwe Mr Patrick Imam said the entity welcomes the reforms announced in the February 20 Monetary Policy Statement and June 24 press release, which seek to address economic distortions that have impaired macroeconomic stability.

Mr Imam said the government however needs to continue with the ongoing efforts to implement a coherent monetary policy framework.