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half year monetary policy statement
Gideon Gono, Governor of the Reserve Bank of Zimbabwe
July 30, 2008
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Introduction and background
1.1 As per the now familiar
statutory norm, I have the honour and privilege of making public
this mid-year Monetary Policy Statement in accordance with the requirements
of Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15],
which stipulates that the Governor's Monetary Policy statement be
1.2 It is common cause
that the Reserve Bank has over the last 56 months of my tenure fully
complied with this statutory requirement, including issuing additional
quarterly monetary review statements to address urgent strategic
policy needs whenever it has been necessary to do so.
for homegrown solutions . . .
2.1 This Statement comes
at a historic moment when our Nation is collectively engaged in
searching for a home grown political solution to some vexing political
questions that have been threatening to tear apart the social fabric
of our country through otherwise needless divisions.
2.2 The divisions have
not only sapped our energies but they have also created destabilising
opportunities to many among our erstwhile enemies who do not want
to see us succeed as a nation of talented citizens to which God
has given amazing natural resources.
2.3 As I stand
here delivering this Statement, I believe more than ever before
that the Nation must come to grips with the reality of what I and
others in Government and elsewhere have all along been pointing
out is the greatest challenge facing our country: namely, the menacing
and precipitous effects of the illegal sanctions that are bleeding
our national economy.
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