By A Correspondent- Finance and Economic Development Minister Professor Mthuli Ncube has said the introduction of the Zimbabwe dollar was timely as the country had registered macro-economic fundamentals that will promote stability of the local currency.

Ncube said this during a Mid-Term budget review breakfast meeting in Bulawayo recently,

He said as highlighted in the Mid-Term fiscal policy statement, there was a host of positive macro-economic fundamentals supporting the introduction of the local currency.

Underpinned by the two-year Transitional Stabilisation Programme adopted in October last year, Prof Ncube said the country’s current domestic debt level was receding and as at the end of June, it stood at $8,8 billion from $9,5 billion during the same time last year.

He said:

“Also the fact that domestic expenditure is not growing means that money supply growth is under control. 

“We are targeting reserved money or high-powered money as long we can target a specific growth on that we are good. Money supply not growing too fast, current and budget deficit under control, and we are able to support production, we are good.

“We are certainly going in the right direction in terms of the macro-economic picture,” said Prof Ncube.-StateMedia