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Monetary Policy Interim Review Statement Delivered in Bulawayo
by Xolani Mavolwane
For the first time since 1956, the Monetary statement of the Reserve Bank of Zimbabwe was delivered in the City of Kings by the Central Bank Governer, Dr Gideon Gono on Thursday 26 April, 2007. The event was at the Large City Hall. This underlined the importance of Bulawayo in terms of economic development and revival in Zimbabwe.
Dr Gideon Gono

The major highlights of the monetary statement was the emphasis on Zimbabwe positioning herself for the 2010 Soccer World Cup in South Africa. The Governor identified tourism as one of the strategic sectors with potential to turn around the economy. As a way of participating in the 2010 games, he alluded to the Government to urgently establish a Tourism Revolving Fund to revive the sector. The fund will support not only new entrants into the tourism sector, but also existing enterprises that require upgrading and refurbishment.

In his personal remarks Dr Gono promised to provide Z$10 Billion to the tourism sector.

SMEs will manufacture scotch-carts
The Governor also cemented the role of Small to Medium Enterprises (SMEs) in the revival of the economy. In his Agricultural Mechanisation Programme, he emphasised the need to 'go back to the basics' like using ox-drawn ploughs, planters, harrows and scotch-carts. The manufacture of scotch-carts will be subcontracted to SMEs at various growth points and other welding points.

He reiterated that the official exchange rate of Z$250/US$ shall remain as is for all transactions. There is and shall be no devaluation of the dollar until he says so!

It was a major milestone for the City of Bulawayo to host the monetary policy statement delivery which emphasised on tourism revival, communal agriculture, SMEs promotion, mining, tobacco growing, gold and diamond mining.

Download the monetary policy statement here
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