Gvt working on modalities to end current market madness; price hikes

The government is seized with mechanisms and modalities to deal with current increases in prices, President Emmerson Mnangagwa has said.

Mnangagwa made the sentiments during the burial of a national hero at the sacred shrine in Harare yesterday.

He urged all Zimbabweans to embrace values of patriotism, saying speculative behaviour which negatively affects the economy will never be tolerated.

The Head of State could not indicate if he is thinking of price controls or not.

However, according to market watchers price controls are bad for the economy.

Mnangagwa’s sentiments comes at the time the cost living in the country is rising at alarming rate.

The local currency is losing its buying power on a daily basis.

Meanwhile, according to renowned economist Steve Hanke the country should fully dollarise.

“Zimbabwe is in 2nd place in this week’s Hanke’s CurrencyWatchlist.

“The Zimbabwean Dollar has depreciated against the USD by 95.27% since Jan. 2020.

“It’s time for Zimbabwe to dump the Zim Dollar & officially adopt the USD.”

Zwnews