Published: 08 May 2014

Zimbabweans should be disciplined, courageous and skilful to overcome challenges facing the economy, newly-appointed Reserve Bank of Zimbabwe Governor John Mangudya has said.

In his maiden statement as central bank chief yesterday, Mangudya expressed optimism that Zimbabwe would overcome its challenges, but only if it was disciplined in efficient use of resources.

"The greatest panacea of our challenges is discipline. The discipline to know that we need to increase production before we increase consumption. We need to refrain from living beyond our means, as this would bring greed and corruption."

Mangudya said some of the challenges which need to be addressed include low aggregate domestic demand, deterioration of balance of payments support, banking sector vulnerabilities and low industry capacity utilisation.

"The economy is weaker and the financial system is depressed. We need to be courageous and skilful to manage the situation onhand."

Zimbabwe, said the central bank chief, needed to find equilibrium between the need to promote indigenisation and the need to attract foreign direct investment in a manner that synchronises the two.

He called for the integration of Zimbabwe in the global arena.
- Herald

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