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First quarter monetary policy statement: A focus on food, foreign exchange generation, producer viability and increased supply of basic commodities
Gideon Gono, Governor of the Reserve Bank of Zimbabwe
April 30, 2008

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1. INTRODUCTION AND BACKGROUND

1.1 I am sure that over the last four years, during which we have had regular occasions such as this one, most Zimbabweans have become quite familiar with the fact that Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15] requires that the Governor's Monetary Policy Statement must be issued bi-annually, in January and June.

1.2 However, it is also true that from time to time the Statement may be issued quarterly to address emergent challenges in the economy.

1.3 It is against this background that in the light of the diversity and intensity of the current setbacks we are facing as an economy, it has become imperative that the Reserve Bank issues this First Quarter Monetary Policy Statement to give Government, the business community, households, Civil Society and our partners in the international community a framework and strategy for renewed optimism, hope and collective action.

1.4 Also, as provided in the Act, it is my duty as Governor to present advice on focal areas requiring collective reflection and implementation to stabilize the Nation's macroeconomic environment for enduring inflation reduction and for sustainable growth, socio-economic development and overall stability in our Republic.

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