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Business Reporter
FINANCE and Economic Development Minister Professor Mthuli Ncube has appointed five new members to the monetary policy committee (MPC) of the Reserve Bank of Zimbabwe (RBZ).

Prior to the latest appointments, the MPC, which is chaired by the Apex Bank Governor, Dr John Mangudya, had nine members.

The outgoing MPC was dissolved with effect from 31 January 2021 as a result of appointment of most of its members to various entities and, which appointments were deemed to be in conflict with the operations of the Bank and the MPC, said the RBZ on Friday.

The newly appointed MPC members are Professor Albert Makochekanwa, Mr Persistence Gwanyanya, Dr Daniel Makina, Dr Charity Jinya and Mrs Mathilda Dzumbunu.

In a statement issued on Saturday Prof Ncube said the appointment of the above five was with immediate effect.

“I am pleased to announce that, His Excellency the President, Dr Mnangagwa has approved the appointment of the following additional members to the MPC of the RBZ,” he said.

“I would like to congratulate the new members who I am confident will further strengthen the RBZ Monetary Policy Committee.”

Before the latest appointments of additional members, the MPC comprised the RBZ deputy governors — Dr Khuphukile Mlambo and Dr Jesimen Chipika, industrialist and businessman Mr Kumbirai Katsande, ex-Government advisor and economist Professor Ashok Chakravarti, former ABC Holdings chief executive Mr Douglas Munatsi, economist Mr Eddie Cross, Professor Theresa Moyo and Mrs Marjorie Ngwenya.

The MPC was established in 2019 with a view to proffer advisory insight towards implementation of currency and economic reforms meant to restore key fundamentals to stabilise the economy.

Its role entails determining the monetary policy of Zimbabwe, including the setting of limits on open market operations by the bank and ensuring price stability as defined by the Government’s inflation target in the national budget.

The committee also determines interest rates in line with the Government’s economic policies and targets for growth and employment creation as well as other monetary policy functions, as the finance minister may prescribe by way of regulations.