Residents back policies to stabilise prices

06 Jul, 2022 - 00:07 0 Views
Residents back policies to stabilise prices Minister of Finance and Economic Development Mthuli Ncube

The Herald

Herald Reporter

Residents have backed a cocktail of measures that were announced by Government last month to cushion citizens from inflation and stabilise prices in the wake of brazen economic sabotage and the consequent erosion of incomes.

This comes as the Reserve Bank of Zimbabwe (RBZ) is set to introduce gold coins that will provide an alternative investment option and also act as a store of value, currently dominated by the US dollar amid resurgent inflation.

To improve the value for the local currency, the gold coins will be sold also in local currencies as well as other currencies at the prevailing rate.

Apart from the gold coins, Finance and Economic Development Minister Professor Mthuli Ncube also announced that the multi-currency system is here to stay.

And the existing interbank market system of ‘willing buyer willing seller’ will be “legalised”.

The pricing of goods will be in both USD and local currency at the interbank rate.

In a statement, Progressive and Patriotic Citizens of Zimbabwe (PAPCOZ), a civic organisation whose mission is to promote national pride, awareness and unity of purpose among Zimbabweans, said if citizens play their part, the policies announced by Government will have a positive impact.

“We are of the considered opinion that the Minister of Finance and Economic Development Prof Mthuli Ncube’s statements are part of the matrix and urge citizens of this country, both corporate and individual, to embrace and promote them. Without the citizen’s buy in, the success of these measures will remain a mirage”.

They said the policies announced by Government are meant to inter-alia, “protect the country’s manufacturing industry and, by extension, jobs by maintaining the use of the local currency as a medium of exchange”.

“Cushion the public from inflationary tendencies and wanton speculation through legalising the multi-currency regime introduced by then acting Minister of Finance Advocate Patrick Chinamasa in 2008”.

In their statement, PAPCOZ added that the destruction of the local currency is a deliberate consequence of the sanctions imposed on Zimbabwe by Governments that regarded Zimbabwe’s indigenisation drive as detrimental to their foreign policy interests.

“Redollarisation is not a viable option for our Government as it destroys our manufacturing base, makes our country’s exports uncompetitive on the global markets, and increases unemployment not to mention turning our economy into a dumping ground for cheap imports”.

“As a form of finding a way forward, the organisation said they have since engaged the Embassy of the United States in Zimbabwe to have dialogue on the unconditional removal of the illegal sanctions.

“We are of the considered opinion that the only respite for our nation is through genuine dialogue and will be inviting all relevant stakeholders to a forum where all these matters will be discussed and passed on to Government.

“In conclusion, we reiterate our call for dialogue, collaboration, and faith between all stakeholders in our country’s development and progress”.

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