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The half year monetary policy statement
Gideon Gono, Governor of the Reserve Bank of Zimbabwe
July 30, 2008

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1. 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 issued bi-annually.

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.

2. Search 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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