No to Rand for Zim


JOHANNESBURG - South African Reserve Bank Governor Tito Mboweni has said Zimbabwe will not qualify to be part of the Rand Common Monetary Area (RCMA) because of its current hyper-inflation and bad fiscal polices.
Mboewni said Zimbabwe was a long way from being ready to join southern Africa's

rand monetary union.
“”For any country to be a part of the CMA they must fulfil the strict macro-economic convergence criteria. This includes their fiscal policy stance and inflation in particular — they must be in line,” Mboweni said. “A very high degree of macro-economic convergence is necessary.”
The RCMA comprises South Africa, Namibia, Lesotho and Swaziland. – Ntando Ncube

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