Punish currency speculators — Cross Mr Cross

Fidelis Munyoro Chief Reporter
Economist and former MDC official Mr Eddie Cross says Zimbabwe’s economic fundamentals are now sound and there is no need for speculators to continue with their wayward behaviour on the foreign currency parallel market which is affecting the poor.

In an interview with The Herald yesterday, Mr Cross urged the Government to take stern measures to contain the forex parallel market that has brought anguish to the majority.

The prevailing volatility of the parallel market is blamed on speculators for influencing the exchange rate without economic justification.

Mr Cross said if macro-economic fundamentals were constant, as the situation on the ground shows, the rates should not exceed RTGS$4 to US$1.

“The currency speculators are manipulating the exchange rate and are using the opportunity created by these activities to make millions at the expense of all Zimbabweans.

“There is no justification for the current open market exchange rates. The economic fundamentals here are now sound and in my view rates should not be above 4 to 1.”

There have been loud rumblings from the public against deep-pocketed currency manipulators who are making life unbearable for people.

Most people are now unable to access basic commodities because their buying power has been eroded.

Mr Cross urged Government to intervene and rescue the public from currency speculators.

“Government has to take action to eliminate this activity and corrective action could correct matters in a few days,” he said.

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