RTGS Dollar Spells Doom For The Economy - Biti

4 years agoWed, 20 Feb 2019 17:14:26 GMT
Share on FacebookShare on TwitterShare on LinkedIn
RTGS Dollar Spells Doom For The Economy - Biti

Former Minister for Finance and Economic Development, Tendai Biti said the move taken by the Reserve Bank of Zimbabwe governor, John Mangudya today to introduce a new currency, the RTGS dollar spells doom for the economy. Said Biti:

Modern functional States are founded on trust and transparency. That clearly is not part of the DNA of ZANU. The regime today disingenuously and mendaciously de – dollarized the economy by informally re-introducing the Zim dollar now called the RTGS dollar through the back door.

It is a disaster to embark on currency reform in the absence of key fundamentals to back that currency. These include market confidence, reserves, a decent Capital account, and a stable macroeconomic environment. This is elementary

Regrettably, the economy now enters another period of self-induced shocks that will see salaries and values being devalued, hyperinflation, shortages and queues. What a dog’s breakfast!!!


Get Pindula News on our WhatsApp Channel

Subscribe here: https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v



Leave a Comment

Generate a Whatsapp Message

Buy Phones on Credit.

More Deals