The Sunday News
FINANCE Minister Patrick Chinamasa and Reserve Bank Governor Dr John Mangudya over the past two weeks presented their fiscal and monetary policy review statements respectively providing new guidelines on how to boost the manufacturing sector.
Chief among the highlights of the statements were the announcements on the ban of second hand clothes in order to boost local industries, especially in Bulawayo which has been identified as a Special Economic Zone on textiles and leather.
The major highlight from the monetary policy was the announcement of reduction of lending rates from as high as 30 percent to between six and eight percent.
Economists feel these measures in addition to numerous others in the statements will ensure a new direction in the quest to boost local production.
Meanwhile, the Industrial index was down for the fourth consecutive day losing 0.06 points (0,04 percent) to close at 143.58 points on Friday as heavyweight counters lost ground.
PPC eased $0,0200 to trade at $1,1000; SeedCo lost $0,0150 to settle at $1,0350 as Econet shed $0,0031 to $0,3000.
Losses were countered by gains in Meikles which increased by $0,0051 to trade at $0,0998, RTG advanced by $0,0020 to $0,0100 while Old Mutual was marginally up by $0,0007 to settle at $2.7525.
Week on week Industrial index was down 1.77 points (1,22 percent).
The Mining index was flat at 39.36 points.
Bindura Falgold, Hwange and RioZim were unchanged at $0,0300, $0,0060, $0,0410 and $0,1400 in that order.
Week on week Mining index was unchanged.
