Zimbabwe moving in right direction but not fast enough

Zimbabwe moving in right direction but not fast enough 1

Zimbabwe moving in right direction but not fast enough 2Zimbabwe is moving in the right direction but the pace is too slow to address the harsh economic crisis that its people are facing, the director of the Consumer Council of Zimbabwe Rose Siyachitema said.

“Yes there are some signs that we are doing the right thing, but it is just not enough and more still needs to be done. Just like when people talk about improving industrial productivity, action to fulfil such goals must be seen in motion,” she told NewZimbabwe.com

“Let us see it happening, I don’t see it. Yes, policies are being implemented but we are not moving fast enough.”

Zimbabwe has been on an economic slide since the government announced new monetary and fiscal policies in October.

Inflation which stood at 5.4 percent in September has been on the increase since and now stands at 59.4 percent.

Month-on-month inflation has been on the decline however indicating that prices are stabilising.

Finance Minister Mthuli Ncube says inflation should be down to single digits by the end of the year while the Reserve Bank of Zimbabwe says it will be around 15 percent.

Economist and one of President Emmerson Mnangagwa’s advisors Eddie Cross said people should begin to see changes next month and by June or July the economy should have stabilised enough for it to introduce a local currency.

The government allowed the bond note and electronic money to trade freely against the United States dollar last month.

The RTGS$ was today quoted at 4.2 against the US dollar and 3.01 on the interbank market rate.

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Source: insiderzim.com

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