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Gono highlights


Staff Writer

The following are highlights of Reserve Bank of Zimbabwe governor Gideon Gono’s 3rd Quarter Monetary Policy Statement..



Helvetica, sans-serif”>*GDP to decline 5% compared to 9% last year.

*Positive real rates set 10-20% above inflation.

*Productive Sector Facility disburses $2,058 trillion.

*Interest rates policy on banks revised from 189-199% to 135-145%.

*Cumulative forex inflows to date US$1, 249 billion.

*Enhanced platinum sector to come on line in February 2005.

*Gold support price $92 000 per gramme from $71 000.

*Year-end inflation forecast 150-160%.

*Capitalisation deadline exte-nded to December.

*Troubled banks to be amalgamated.

*All customers with small deposits in banks being amalgamated to be paid in January 2005.

*Bearer cheques lifespan extended to 2005.

*More Homelink trips on the cards.

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