John Mangudya is the governor of Zimbabwe’s central bank.


RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says authorities will clamp down on all activities which negatively affect prices, the exchange rate of the Zimbabwe dollar and inflation.

Mangudya said this in Harare on Monday, at the launch of the latest iteration of the National Financial Inclusion Strategy, which is meant to help further stabilise the economy and cushion the poor.

“The policy measures that were put in place by the government and the (central) bank have brought stability in the economy.

“We know that there are still some outliers who are out there who benefit from arbitrage as an industry.

“Honourable ministers, we are still going for them. We know there are a few whose job is just to make money from arbitrage,” Mangudya said.

The RBZ chief added that the government would soon introduce new policy measures targeting all arbitrage activities.

“In this national financial inclusion drive, we shall go for them through either exchange control, the FIU (Financial Intelligence Unit), or even ourselves,” he said.

“The global trends show … the development of national financial inclusion as a key driver of sustained and balanced economic growth which helps reduce inequality and poverty.

“Today’s launch is a testimony of the financial inclusion journey that we started under the first national financial inclusion launched for the period 2016 to 2021 Mangudya added.

He said the development of the new strategy had involved extensive collaboration and significant reflection and consultation with stakeholders.

“Financial inclusion plays a critical role in the creation of an inclusive economy, where all economically active Zimbabweans have an opportunity to create wealth, reduce poverty, build resilience towards unexpected shocks, as well as participate in the economic development of our country.

“Covid-19 has made inclusivity more urgent. The lack of resilience affected everyone and everywhere, but was more pronounced in micro, small and medium enterprises, among smallholder farmers and the poor.

“As you will be aware, upon the expiry of the first national financial inclusion strategy, two Finscope surveys were commissioned to evaluate progress following the implementation of the National Financial Inclusion Strategy I, and to facilitate the development of an evidence-based National Financial Inclusion Strategy II,” Mangudya said further.

“It is pleasing to note that Zimbabwe registered remarkable progress on the access dimension which continues to play a key role in the financial inclusion of the vulnerable and underserved groups including women, youth, micro, small and medium enterprises, people with disability, rural communities, smallholder farmers, pensioners and the elderly,” he added.

According to the Finscope Survey, the percentage of Zimbabweans with access to formal financial services has risen up to 83 percent, from 69 percent in 2014 — against a target of 90 percent. – Daily News