Zimbabwe: CCC downplays latest government economic measures

In a statement, CCC national spokesperson Fadzayi Mahere said more was needed to deal with the current crisis.

“The major policy interventions announced by Minister Ncube are a reiteration of policies that already exist and have failed to curb hyperinflation and stabilize prices. Unfortunately, the measures announced today do not have the capacity to turn the faltering fortunes of the Zimbabwean economy.” of the multi-currency system and the interbank market into law is not new.

“The legal framework for these old systems already exists. It will take more (including building confidence and addressing macroeconomic fundamentals) than changing the wording of legislation to combat hyperinflation and stabilize prices. In In his statement, Minister Ncube rightly acknowledged that the economy suffers from a lack of confidence.

“Trust and trust are fragile. Once lost, they are difficult to restore. Unfortunately, previous experiences have made the market paranoid and very little has been done to regain that trust. In this regard, we have always maintained that the social contract between the state and the citizens of Zimbabwe has broken down. There is a lack of trust in the economy, the state, the government and public institutions,” Mahere said.

Meanwhile, former finance minister in the national unity government, Tendai Biti, says the economic measures are an expression of government incompetence given that the economy has already become self-dollarized.

“When you have nothing to say, you must be silent, today’s presser was a tragic expression of the enormous levels of deception, dishonesty, incompetence and hypocrisy of this regime, it is not not a news that the multi-currency system will continue. The fact is that the economy itself -dollarized a long time ago

“The regime owes Zimbabweans an apology for the 2019 fiction contained in the 2019 SI33 and the botched de-dollarization process. The regime must genuinely compensate those who lost value in 2019, especially pensioners.

“Today’s announcement is an acknowledgment of failure and will not address the hyperinflation, food shortages and levels of poverty affecting our people. It will not address the labor strike. doctors and nurses or low public wages eroded by inflation. It will not address distorted fundamentals and imbalance in the economy,” Biti posted on Twitter.

Announcing the measures, Prof Ncube said the use of the interbank rate in all economic transactions will be made mandatory by law, but gave traders the freedom to price their goods in US dollars or Zimbabwean dollars as they want it without any price controls.

Professor Ncube also said that the use of the US dollar will be used as a negotiable currency for the foreseeable future.