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RBZ commemorates global money week

By Laurence Kanyasa

THE Reserve Bank of Zimbabwe, this week, joined the rest of the world in celebrating Global Money Week (GMW), an initiative aimed at building the future and encouraging smart ideas about money.

Financial literacy is a challenge globally; hence, financial institutions have taken it upon themselves to enlighten people on smart management of finance.

This is cemented by this year’s theme: “Build your future, and be smart about money”.

GMW is celebrated every year in March to raise awareness of economic citizenship and also to engage the youth in economic decisions.

Organised by the Organisation for Economic Co-operation and Development (OECD) in collaboration with Child and Youth Finance International (CFYI); this week will see a series of events and workshops lined up to educate and inform people about smart money.

Zimbabwe has had an array of financial challenges since the fall from grace of the local dollar, in 2000.

Since then, most Zimbabweans have struggled to understand their financial rights and how they can participate meaningfully using their funds.

According to information from the global week on the economic outlook, Zimbabwe has been affected by economic sanctions, hyperinflation, and a series of droughts that have led to food shortages, as of late.

However, there has been significant improvement in economic performance, the country has registered a budget surplus and has managed to maintain inflation levels at optimum levels.

Depositors of funds in local banks also need to be thoroughly informed on ways to invest their finances.

This year’s global look will focus on wartime macroeconomics, with a special interest in the Russia- Ukraine war and the COVID- 19 pandemic.

According to the World Bank (WB), the war in Ukraine will strike a major blow to economic recovery, with the energy and food sectors being the hardest hit.

Overall world economic growth will be more than one percentage point lower than previous projections, while inflation had already elevated at the beginning of the year and is now expected to be 2.47 percent (%) higher than previous projections, OECD as said.

Vulnerable groups have also been targeted, for financial, food, and skills aid, which will mitigate economic impact without increasing global inflation.

The globe is fast moving into the use of cryptocurrencies such as Bitcoin, which is set to revolutionise the financial services sector.

“Information on the operation and value of these forms of currencies is less, especially in Zimbabwe, which has prompted financial institutions to come up in the open to educate and advise on safer ways to trade,” said Ryan Katayi an economic commentator.

GMW also gives opportunities for underrepresented informal merchants and vendors under one platform to facilitate payments, deliveries, and running credit scores.

The Zimbabwe Stock Exchange also noted that activities will be held virtually to provide the youth and children with financial education and financial literacy skills.

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