‘2016 a transformative year’

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says 2016 will be a transformative year, aided by the country’s re-engagement with financial institutions, resolution on non-performing loans (NPLs) and good policy mix to boost business confidence.

Speaking at the Confederation for Zimbabwe Industries (CZI) internal devaluation symposium yesterday, Mangudya said government was already making strides in addressing the cost of doing business, which include a re-engagement process with the multilateral institutions to unlock new capital, setting up of the Zimbabwe Asset Management Company (Zamco) and good policy mix.

Zamco is a special purpose vehicle created last year to buy bad debt from the banking sector.

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