Staff reporter
The Reserve Bank of Zimbabwe highlighted critical developments and strategies aimed at stabilizing and growing the mining sector through effective foreign exchange and monetary policies.
Speaking on the sidelines of the Chamber of Mines Annual Conference in Victoria Falls today, RBZ Governor, Dr John Mushayavanhu underscored the implementation of a daily dashboard to monitor the country's monetary policy. “This tool, which tracks account balances, exchange rates, and forecasts future financial obligations and threats, is set to be published in newspapers daily to enhance transparency and public awareness,” said Mushayavanhu.
He further underscored the vital role of the mining sector, stating, 'The mining industry's substantial contribution, representing 70% of our nation's export earnings, is commendable.'
Emphasizing on the importance of timely tax payments by mining companies, Mushayavanhu stressed its crucial role in the country's economic stability and growth. “The mining sector is performing exceptionally well in Zimbabwe, significantly contributing to the nation's export earnings. With its robust output, the sector remains a cornerstone of the economy, driving substantial foreign exchange inflows,” said Governor Mushayavanhu.
Governor Mushayavanhu noted that since the introduction of the Zimbabwe Gold (ZiG) currency, the economy has shown signs of growth despite initial challenges in the banking sector. “These challenges were primarily due to the transition and the need for banks to contract service providers to assist with currency conversion. Moreover, the strategic approach, of gradually introducing small denominations of the ZiG, before injecting larger ones has been crucial in avoiding inflation,” he said.
The Governor also pointed out that the ZiG currency and the implementation of transparent monitoring tools reflect the Government's proactive measures. “The continued success and expansion of the mining sector are vital in realizing this vision, providing the necessary financial resources and economic momentum to support sustainable development and growth,” he stated.
The Second Republic's vision 2030 aspires to transform Zimbabwe into a middle-income economy, characterized by increased industrialization, job creation, and improved living standards for its citizens.
