The ZANU PF Patriots, an affiliate organisation of the ruling party has admitted that the local currency Zimbabwe Gold (ZiG) is bound for the graveyard.
Posting on its social media, X handle ZANU PF Patriots called for immediate corrective action.
“We encourage #ReserveBankZIM to take immediate and decisive action to stabilize the ZiG.
“Our economy depends on a stable currency for growth, prosperity, and the well-being of all Zimbabweans,” said ZANU PF Patriots.
Commenting on the same issue, prominent economic analyst Baba Nyenyedzi said the Reserve Bank of Zimbabwe’s problem is allowing government to get away with fiscal profligacy:
“RBZ problem is allowing Treasury to get away with fiscal profligacy. RBZ is not properly constituted & incorrectly measures money supply.
“Eg trace how a line ministry overspends & money supply growth. RBZ is there to official acknowledge the horses have bolted.”
He adds that talk of de-dollarisation is merely Government of Zimbabwe scare mongering the markets to accept ZiG. “It’s GOZ that’s scared of ZiG losing 45% of its value.
“Threatening to ban USD won’t work because $150m a month of remittances cannot be GOZ controlled.
“Time for GOZ to listen to the market,” he adds.
Zwnews
