No Rushed Return To A Mono-currency, Says Mangudya

Officials from the Confederation of Zimbabwe Industries (CZI) met the Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya early this week to discuss a number of issues.

The meeting came after a CZI position paper, titled “CZI Urgent Engagement paper on the deteriorating currency situation” was leaked to the public. In a statement on Tuesday, 26 April, CZI president Kurai Matsheza, said:

Further to the unintended circulation of the Confederation of Zimbabwe Industries (CZI) paper, meant for dialogue with the authorities, we would like to clarify matters and update our members and the public.

We have subsequently met with the Reserve Bank of Zimbabwe (RBZ) Governor, Dr JP Mangudya and would like to highlight the outcome of our meeting.

Matsheza said during the discussions, the central bank Governor gave assurances that the de-dollarisation is going to be a process and that no rushed return to an exclusively Zimbabwe Dollar or USD environment is planned.

Mangudya also assured the captains of industry that there is no intention to “raid” foreign currency balances and that the auction backlog is a priority for the RBZ and concerted efforts are underway to clear the backlog. Added Matsheza:

The other matters raised in the said CZI document shall form the basis of further consultations between CZI and the Authorities on a continuous basis as is our normal and usual custom.

As CZI, we remain committed to engaging with the government and collaborating in the best interests of the economy, our members and business.

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