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HARARE (Bloomberg) – Business executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay.
The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister Mthuli Ncube are also starting to bear fruit, with the economic-growth outlook improving markedly and annual inflation, albeit still at 322%, slowing rapidly.
“If you look back where we were this time last year and where we are now, it’s really day and night,” said Jimmy Psillos, an executive at the Confederation of Zimbabwe Industries and general manager of Harare-based manufacturer Crystal Candy. “The economy is in much much better shape than it was.”
Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
RBZ clarifies use of USD herald.co.zw - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from herald.co.zw Daily Mail and Mail on Sunday newspapers.
Monday, December 21, 2020 NewsdzeZimbabwe
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya
has explained the use of US dollars in the country, including value and legal
status of the virtual form of the greenback.
This comes as the central bank has engaged banking
institutions to ensure there are no gridlocks in the settlement and clearing of
all foreign currency transactions in the country.
Dr Mangudya told delegates at the Zimbabwe National Chamber
of Commerce (ZNCC) conference last week
that the apex bank and the Bankers Association of Zimbabwe (BAZ) were seized
with the matter.
Zimbabwe adopted a US dollar dominated multicurrency regime