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A review of the Monetary Policy Statement
The recently presented Monetary Policy Statement highlighted that authorities maintained a tight monetary
framework and this helped achieve the stability observed over the past year. However, the use of ZWG has
remained limited with most payments being settled in USD. According to the RBZ, ZWG transactions account
for roughly 30 to 40% of the national payment system usage whilst the currency in circulation stands at about
3% of the total deposits.
The past year was marked by increased geopolitical tensions, economic policy uncertainty and a general dismal view of the future.
A positive sentiment prevailed on the equities market as companies such as General Motors and Coca Cola posted upbeat earnings during the month.
Global equities recorded gains in the third quarter propelled by positive financial results reported by companies. Balance sheets for corporates have remained strong and household spending has remained high particularly for services.
Global equities defied the adage “sell in May, go away” as they experienced significant momentum during the month, reaching historical highs.
August was largely characterised by a correction in equity prices. Global market players digested several factors, some seasonal, concerns about the state of the world economy and the Fed’s direction on interest rates.
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Smartvest Wealth Managers (Private) Limited Special Purpose Financial Statements 31 December 2024
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