It’s not your job to make Monetary Policy announcements, ZNCC tells Mnangagwa

The Zimbabwe National Chamber of Commerce (ZNCC) says it is not the job of President Emmerson Dambudzo Mnangagwa to make monetary policy announcements.

President Mnangagwa recently made monetary policy announcements with far reaching implications in an effort to arrest the ever rising inflation.

Mnangagwa also suspended the banks’ lending role, a move which analysts say would bring undesired effects.

Meanwhile, President Mnangagwa also announced that all domestic foreign currency transfers now attract the Intermediate Money Transfer Tax (IMTT) of 4%.

And cash withdrawal above US$1 000 now attracts 2% tax. This excludes bank charges.

Meanwbile, though ZNCC commended President Mnangagwa for the measures he took, says it is not his job to do monetary policy announcements as there are institutions mandated to do so.

“By announcing monetary policy measures himself, President Mnangagwa is rendering the Reserve Bank redundant,” says ZNCC.

Zwnews