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Zvamaida Murwira

Senior Reporter

The Reserve Bank of Zimbabwe will soon deliver a comprehensive monetary policy statement that will address broader issues of the economy aimed at bringing macro-economic stability, an official has said.

Economist and member of the Central Bank’s Monetary Policy committee, Mr Persistence Gwanyanya said the delay in the delivery of the statement was a result of wider consultations aimed at coming up with a holistic document.

There has been anxiety in the market over the delay by the RBZ in presenting the monetary policy, a development that has seen the Zimbabwean dollar losing ground against the major currencies.

“It is all about looking at a good thing. We want to perfect it so that all the ingredients are present. We are going through a phase of consultations as we try to come up with the best from the monetary policy,” said Mr Gwanyanya.

“We must also accept that when you are trying to come up with such a policy, you need to consult and take your time.

“We anticipate it to be out anytime from now but what I cannot give you is the exact date. The policy will address the greater needs of the people and ensure stability. We will come up with a policy which, when we look back to reflect, will be a good document.”

The delay in the announcement of the monetary policy has created uneasiness as holders of the local currency are rushing to buy foreign currency as they try to preserve value, pushing the exchange rates even higher in the process.

Market watchers also feel the “fullness of time” referred to by authorities over the last few weeks is now due, to restore the value of the local currency.

The economy anticipates the structured currency monetary reforms aimed at engendering stability of the domestic currency.

Commenting on the anxiety, Mr Gwanyanya said it was normal when there was such a delay.

The Government has indicated that it is working on a structured currency as part of efforts to foster currency and economic stability.

A structured currency is a form of monetary system designed to enhance stability and manage inflationary pressures.

Unlike flat currencies which rely on Government regulation and central bank policies, structured currency takes the form of both flat and commodity backed currencies.