IMF head of communication Gerry Rice told reporters during a briefing in Washington DC that the currency reforms announced by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on 20 February are a step in the right direction.
Rice said the currency reforms will have to be supported up by a more comprehensive monetary and fiscal policy framework in order to bear fruit. Said Rice:
Its success, of course, the currency reforms’ success will depend on the implementation of an effective overall monetary policy framework supported by market-determined interest and exchange rates, together with prudent fiscal policies.
