{"id":64342,"date":"2022-08-13T13:03:36","date_gmt":"2022-08-13T11:03:36","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode"},"modified":"2022-08-13T15:08:12","modified_gmt":"2022-08-13T13:08:12","slug":"ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode","title":{"rendered":"CEO Africa Roundtable Says Economic Instability Will Continue Because RBZ Is In \u201cDenial Mode\u201d"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>CEO Africa Roundtable this week said Zimbabwe\u2019s economic instability will continue as long as the Reserve Bank of Zimbabwe continues to refuse that the exchange rate is overvalued and needs immediate drastic correction.<\/p>\n

CEO Africa Roundtable chairperson, Oswell Binha, was speaking ahead of the presentation of the mid-term Monetary Policy Statement (MPS), which was presented on Thursday 11 August.<\/p>\n

In an interview with The Independent, Binha said the current instability in the economy will worsen unless the governor accepts reality and addresses what is causing the chaos. He is quoted as saying:<\/p>\n

The mid-term monetary policy is obviously expected to tackle the two evident elephants in the living room; the challenges of exchange rate instability and inflation.<\/p>\n

Judging from previous experiences, the central bank naturally refuses that the exchange rate is overvalued and needs immediate drastic correction.<\/p>\n

The governor will continue with his narrative that the reserve money is under control and central government borrowing from the central bank is zero. However, the instability will remain due to this denial mode.<\/p>\n

I believe the governor is presented with a unique opportunity to target confidence-boosting factors, the principle of which is the need to admit that infrastructure financing has been a major source of exchange rate volatility.<\/p>\n

Secondly, it is (good) to review interest rates again; effectively they are now negative real interest rates despite being reviewed a few weeks back.<\/p>\n

He warned that repeated denials will sustain perceptions of the central bank playing a role in causing market instability and weak institutional capacity in dealing with monetary problems that haunt the whole economy.<\/p>\n

In the MPS, RBZ governor John Mangudya said the current Bank policy rate of 200% and the Medium Term Accommodation rate will be reviewed in line with developments in monthly inflation and long-term productive sector funding needs.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. CEO Africa Roundtable this week said Zimbabwe\u2019s economic instability will continue as long as the Reserve Bank of Zimbabwe continues to refuse that the exchange rate is overvalued and needs immediate drastic correction. CEO Africa Roundtable chairperson, Oswell Binha, was speaking ahead of the presentation of the mid-term Monetary Policy Statement (MPS), […]<\/p>\n","protected":false},"author":84,"featured_media":64341,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[11018,1493,2189,10427,2062,11297,19],"class_list":{"0":"post-64342","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-2022-mid-term-monetary-policy-statement","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-interest-rates","15":"tag-john-mangudya","16":"tag-oswell-binha","17":"tag-zimbabwe"},"yoast_head":"\nCEO Africa Roundtable Says Economic Instability Will Continue Because RBZ Is In \u201cDenial Mode\u201d - zimbabwe<\/title>\n<meta name=\"description\" content=\"CEO Africa Roundtable this week said Zimbabwe\u2019s economic instability will continue as long as the Reserve Bank of Zimbab ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CEO Africa Roundtable Says Economic Instability Will Continue Because RBZ Is In \u201cDenial Mode\u201d\" \/>\n<meta property=\"og:description\" content=\"CEO Africa Roundtable this week said Zimbabwe\u2019s economic instability will continue as long as the Reserve Bank of Zimbab ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-13T11:03:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-13T13:08:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/08\/postQueueImg_2-62f7a2249d90c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"747\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ceo-africa-roundtable-says-economic-instability-will-continue-because-rbz-is-in-denial-mode\",\"name\":\"CEO Africa Roundtable Says Economic Instability Will Continue Because RBZ Is In \u201cDenial Mode\u201d - 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