Manipulative tendencies and greed perpetuating currency instability: Analysts

By ZBC Reporter

Economists have added their voice on the need to deal decisively with manipulative tendencies and greed by some corporates and individuals creating foreign exchange instability.

Zimbabwe’s economy came under the microscope during ZBC’s Current Affairs Programme, Economics 101 this Tuesday and the issue of currency stability was discussed by a high-profile panel of analysts. 

RBZ Monetary Policy Committee Member Mr Persistence Gwanyanya highlighted that that there is sufficient foreign currency to fend for the country’s needs and sustain the Zimbabwe dollar.

 Our earnings from exports of over 5 billion dollars less imports plus the Special Drawing Rights recently received are enough to sustain this economy and there is no way the instability of the currency can go on like this which means that there is manipulation somewhere, he said.

Economic Commentator Ambassador Christopher Mutsvangwa however noted that some rogue corporates and individuals have become merchants of instability by exploiting regulatory loopholes.

The fundamentals of this economy are in place however some few agencies are creating a parallel economy including the Old Mutual Exchange Traded Fund which has replaced the Old Mutual Implied Rate, said Zembe.

Economist, Mr Luxon Zembe called for unity of purpose by all to see Zimbabwe’s economic renaissance through.

We can all work together to build the economy. Let us come together, he said.

In an update to the nation after meeting captains of industry in the wake of the runaway parallel exchange rate, Reserve Bank of Zimbabwe Governor Dr John Mangudya noted that behavioural factors and economic fundamental flaws are undermining the efforts to effectively implement economic recovery and growth policies, hence government’s ongoing clampdown on some of these economic saboteurs.

The post Manipulative tendencies and greed perpetuating currency instability: Analysts appeared first on ZBC NEWS.

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