Never underestimate power of black market, Mugano tells RBZ boss Mushayavanhu

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Prominent economic analyst Professor Gift Mugano says Reserve Bank of Zimbabwe (RBZ) could have underestimated the power of the black market.

He says the government has scored an own goal by allowing exclusive use of US dollar at service stations.

“Our esteemed Governor underestimate the power of the black market.

“The decision by GOZ’s to allow exclusive use of USD at the fuel stations is the biggest mistake 101. The black market can’t be killed by ZiG. Rather, ZiG will be killed by money changers. Mark this post,” he says.

Apparently, responding to a question as to why the government allowed the operation of Zimdollar, ZiG along with a stronger currency such as US dollar, he said the changer over should be done gradually, bit by bit.

Meanwhile, another market watcher, Setfree Mafukidze says

“When it comes to the currency issues in Zimbabwe everyone has the same right to speak their mind without being labelled detractors, naysayers or spoilt brats.

“Zimbabweans have endured multiple currency nightmares courtesy of hanky panky type of currency policies. One does not need a Grade 7 certificate to maintain skepticism over the currency issue.

“All Zimbabweans need is for those on authority to prove them wrong for once,the ZiG can only work when leaders and those tasked with managing its affairs are genuine to the cause.

“No amount of propaganda or pseudo-economic analysts can change what people think about currency in Zimbabwe, all the people in Zimbabwe will be happy if that currency works,l for one would be very very happy because its working means a lot to me.

“The elephant in the room is the problem because it’s known for crushing everything around it including the calves.”

Zwnews