RBZ mid-term mon­e­tary pol­icy re­view this week

Chronicle (Zimbabwe) - - Business - Bianca Mlilo re­cently in Zvisha­vane

RE­SERVE Bank of Zim­babwe (RBZ) Gov­er­nor Dr John Man­gudya will this week present his mid-term mon­e­tary pol­icy re­view state­ment, out­lin­ing mea­sures to boost con­fi­dence in the bank­ing sec­tor.

Dr Man­gudya told del­e­gates who at­tended the Great Dyke Busi­ness In­vest­ment fo­rum in Zvisha­vane last Fri­day that there was a need to grow trust in the bank­ing sec­tor on the back of weak de­pos­i­tors’ con­fi­dence in the past few years.

“My mon­e­tary state­ment will out­line mea­sures that at­tract con­fi­dence as we are there to build Zim­babwe. This is not a one per­son job but we all have to play our part. This is the time to make sac­ri­fices in or­der to im­prove the econ­omy,” said Dr Man­gudya.

“This needs us to put our en­er­gies into pro­duc­tiv­ity…Next week (this week) I will be an­nounc­ing a raft of mea­sures, which are meant to in­crease con­fi­dence. We need to in­crease con­fi­dence, and trust. The ma­jor miss­ing com­mod­ity in this econ­omy is trust.”

He pledged Gov­ern­ment’s sup­port to ar­ti­sanal and small scale min­ers by im­prov­ing the ease of do­ing busi­ness.

Dr Man­gudya said the Gov­ern­ment was there to pro­vide the min­ers with nec­es­sary in­cen­tives to pro­duce as with­out pro­duc­tion there is no fis­cal space.

“We need to min­imise the cost of do­ing busi­ness in the coun­try and re­move ob­sta­cles of pro­duc­tion oth­er­wise we will not suc­ceed in what we are do­ing. Let us all come to­gether to help these ar­ti­sanal min­ers as they are an im­por­tant com­po­nent to get­ting forex,” he said.

e Gov­er­nor said the cen­tral bank was aware of the chal­lenges the min­ers were fac­ing while try­ing to sell gold to Fidelity Print­ers, which in­clude get­ting ar­rested.

“We do not want peo­ple get­ting ar­rested for sell­ing gold through the proper chan­nels as we need those min­er­als. If coun­tries such as Botswana are sur­viv­ing on di­a­monds, why can we not do the same?

“For the past 36 years only 580 tonnes has been mined out of about 13 - 15 mil­lion tonnes un­der­ground hence Zim­babwe has the op­por­tu­nity to make a lot of money from its re­sources,” he said.

An ar­ti­sanal miner, Mr Eli­jah Ncube, who out­lined the chal­lenges they were fac­ing said the min­ers are op­er­at­ing in aban­doned mines or old shafts, which pose a risk to their lives as they are prone to ac­ci­dents.

Mr Ncube said the min­ers were also fac­ing chal­lenges of sell­ing their gold to Fidelity Print­ers as they do not have per­mits.

He ap­pealed to the re­spon­si­bile au­thor­i­ties to as­sist the ar­ti­sanal min­ers with safer work­ing en­vi­ron­ments and le­galise their op­er­a­tions to avoid get­ting ar­rested.

“Even though we are aware of the dan­gers we ex­pose our­selves to by op­er­at­ing in dis­used mines, we do what we do to sur­vive as il­le­gal min­ing is our liveli­hood. We would, how­ever, ap­pre­ci­ate help from Gov­ern­ment so that we do ev­ery­thing above board,” he said.

A le­gal prac­ti­tioner Mr Tichaona Chivasa em­pha­sised on the im­por­tance of small scale and ar­ti­sanal min­ers say­ing these work­ers con­trib­ute more than the for­mal or large scale min­ers in terms of gold.

He urged the Gov­ern­ment to for­malise these op­er­a­tions and put these min­ers in struc­tures ur­gently as the Gov­ern­ment risked los­ing out on rev­enue. Ac­cord­ing to the Zim­babwe Min­ers Fed­er­a­tion there are about 500 000 ar­ti­sanal min­ers in the coun­try — @Bian­caMlilo.

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