HomeBusiness DigestRBZ our parastatal, says Chapfika

RBZ our parastatal, says Chapfika

Ngoni Chanakira

THE Deputy Minister of Finance and Economic Development David Chapfika yesterday said the Reserve Bank of Zimbabwe (RBZ) is similar to a government parastatal because it simply carries out de

cisions made by his ministry.

Chapfika said the central bank simply implemented financial policies that had been made by the ministry in general and government in particular.

He said the RBZ was similar to the Grain Marketing Board and the Agricultural Rural Development Authority, which took instructions from the Ministry of Agriculture.

The sentiments come as observers have expressed concern about the country’s financial state of affairs, saying while the central bank was trying its best to shore up the struggling economy, the Finance ministry was busy allowing government to gobble funds.

They have said unless the fiscal policy works hand in glove with the RBZ’s monetary policy the economy will not get back to its 1980-1985 levels when it was one of the most vibrant in the region.

Chapfika said while the national budget was currently under control, he could not rule out supplementary budgets, which have continued to burst the nation’s coffers.

“We might have emergencies so we cannot rule out supplementary budgets,” he said.

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