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John Mushayavanhu brings a new culture of transparency to RBZ

05 Apr 2024 at 06:53hrs | Views
Zimbabwe witnessed the dawn of a new culture at the Reserve Bank of Zimbabwe. In a groundbreaking move that has garnered widespread commendation from socio-political analysts and observers, the new Governor of the Reserve Bank of Zimbabwe, John Mushayavanhu, has taken a bold step towards transparency by publicly declaring the assets held by the central bank. This move has been hailed as a significant stride towards fostering confidence and trust in the country's financial system. Previously the assets of the bank have been kept a closely guarded secret covered in speculation.

John Mushayavanhu revealed that the Reserve Bank of Zimbabwe currently holds 1,100 kgs of gold, with an additional 1,500 kgs of gold held offshore. In addition, the central bank's cash reserves are reported to be at US$100 million. This unprecedented display of transparency is a positive development that signals a new era of accountability and openness within Zimbabwe's financial sector. This culture of transparency is new and necessary towards restoring confidence in the local financial system.

Mushayavanhu's commitment to transparency deserves applause and we hope that the Governor as a man of integrity and impeccable work ethic will maintain the transparency trajectory. The private sector should rally behind Mushayavanhu and support him in this national assignment. Supporting the Governor in his efforts to strengthen the country's currency regime and build a more stable economy is supporting Zimbabwe. The currency is a national asset,  a totem that we all share as Zimbabweans, and Mushayavanhu's success is national success. The first step of transparency should be met with support and encouragement so that we get more transparency and a solid Monetary Policy statement.

While some may harbor doubts or skepticism, it is crucial for all stakeholders – including government critics and advocates for political change – to stand behind Governor Mushayavanhu in this endeavor to build a strong local currency. A strong currency will bring dignity to our nurses , teachers , police officers and all civil servants who take home the local currency. Our collective future as a nation depends on a strong and stable economy, and it is incumbent upon all of us to support the Governor in his efforts to achieve this goal.

Unity and collaboration are now necessary in ensuring the success of Governor Mushayavanhu's initiatives, the well-being of Zimbabwe's currency and economy rests on the collective efforts of its citizens. Zimbabweans must set aside political differences and come together in support of the Governor's vision for a thriving financial system that benefits all.

 All stakeholders must join hands and work towards a common goal of ensuring a prosperous future for Zimbabwe. Let's all rally behind John Mushayavanhu and help him deliver a currency regime that works well for us all. Our success as a nation hinges on our collective support and commitment to building a stronger and more resilient economy.

Nicholas Ncube is a social political commentator

He can be contacted on email

Source - Nicholas Ncube
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