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RBZ Projects Inflation To Drop Below 5% By December

4 months agoFri, 08 Nov 2024 12:46:37 GMT
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RBZ Projects Inflation To Drop Below 5% By December

The Reserve Bank of Zimbabwe (RBZ) has forecast that inflation will fall below 5% by December, despite challenges such as a rising import bill and fluctuations in commodity prices.

In October, consumer prices surged by 37.2%, driven largely by a sharp depreciation of the Zimbabwe Gold (ZWG) currency.

However, in an interview with the Zimbabwe Independent, RBZ Deputy Governor Innocent Matshe expressed confidence that inflation will soon stabilise and return to acceptable levels. Said Matshe:

So really, as an economy, we should not panic because there is this huge jump in inflation.

But what we should do is take lessons from it. Because really, in terms of the aggregate inflation, it has risen to about 7,3% and we projected that by December the inflation rate should be below 5%.

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We have a huge import bill of grain because of the El Niño-induced drought. We have had a huge knock given the fall in commodity prices.

We are a commodity exporter. So, we had a huge fall in commodity prices.

Matshe explained that because the Zimbabwe Gold (ZWG) currency is backed by gold, an increase in gold prices will ultimately help stabilise the currency. He said:

We are not so far off. We know that there has been an uptick this month (in terms of inflation). There will be moderation next month, but there will be a fall going forward to within the 5% that we projected. So, everything is under control.

Obviously, that will have an impact, but we think that impact (will be) moderate because one of the key commodities in our reserves basket, which is gold, its price is going up.

It is actually approaching record highs if it’s not at record highs already. So, there will be a moderation.

More: Pindula News

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22 Comments

Anonymous · 4 months ago
Day-dreaming order of the day at RBZ...
Mcmillan · 4 months ago
Mbiti
Andrew Chinamhora · 4 months ago
whatever you say, whatever they say,nomatter what language you partake on,nomatter how your brains are poorly wired,as long as the zig money doesn't buy fuel at a service station,as long as we cannot pay for a simple passport using the zig,as long as the shops keep refusing it as a trusted means of exchange,I don't see inflation going down to such figures.currently even combis and vegetable markets are refusing to accept the 5zig coins.its pathetic.they don't see value in it.we may scold one another and give each other names but a failure is a failure fullstop.you can coat a brick with margarine and it remains a brick.we must learn from Gono how he removed the zeros to increase the monetary value.its sad.the bond when put on the scale of proper economics was a fiasco.for how long must we keep on accepting and watching failed projects with such naivity.
Pawandiwa · 4 months ago
for real??? these guys think we don't have brains
Patz · 4 months ago
Kunyeperwa uko. MuZimbabwe inflation inodzika nekuti kwauyeyi
Rhodesian Independence · 4 months ago
11 November is national day of Rhodesia The Rhodesian dollar was stronger than the Sterling Pound and the so called nationalists have decimated it and replaced it with useless pieces of paper they politely refer to as a currency
The Erudite · 4 months ago
Your blind worship of a system that subjugated the majority is laughable...One can only hope you are on the lighter end of the melanin scale because no true proponent of black excellence would agree with your sentiments....The Rhodesian dollar was artificially inflated by the settler regime in a blatantly obvious attempt at maintaining a veneer of normalcy....If Rhodesia was such a marvel of economic prosperity why did everyone revolt against it???....The Rhodesia you idolize is not the reality of what was on the ground..Post independence Zimbabwe has created a thriving black middle class pushing us towards a middle class economy by 2030 while in Rhodesia the best a black man could hope for was the equivalent of house nigger....The ZiG is a masterpiece of modern monetary theory which granted has faced a few hurdles is far much better than the house of cards that was the Rhodesia dollar.... Erudite out
@Erude · 4 months ago
Du. zvi rako
The Erudite · 4 months ago
As usual instead of coming up with a valid counterargument you display your incel tendencies by sticking to kindergarten level insults.... Erudite out
Sol Regem · 4 months ago
We shall and they should remember one thing our economy is dictated by the large influential informal sector and it is doesn't exactly follow the script 😐
Sol Regem · 4 months ago
*we shall see
chevecheve · 4 months ago
Anyway, the statement from economists and bankers are difficult to argue. So hope from these statements from a peasant make sense. it's difficult to argue some of these monetary policies unless and until economics and banking is given priority like STEM. Musanditukavo. kkkkkkk
Dr love · 4 months ago
wat more can they say defending their jobs at the expense of the povo.zig most shops are refusing to take
jah d · 4 months ago
it's all about time , how many times do these people continue to lie. what is disturbing me is that zig has devalue but they continue to sing the same song,zig is strong kkk
The Erudite · 4 months ago
Where are all those detractors and basement dwelling trolls that derided the devaluation measures in a vain attempt to appear smart...I specifically remember that chronically online gremlin who resides on X banging his doom and gloom drum as if his life depended on it....The ZiG is an unprecedented success whose positive influence continues to be seen by all....The Erudite is delighted by these predictions ... Erudite out
Trump · 4 months ago
You need brain transplant
laugh emoji1
chevecheve · 4 months ago
kkkkkkkk
laugh emoji1
the erudite is a gremlin troll · 4 months ago
hey you little erudite twat, were you at the airport today with your scarf on? did you get a bit of ZiG from president for twerking at airport with your scarf? were you delighted with your zig payment at airport today for scarf-twerking? also dont forget to wash your pants and shirt tonight , yah, the ones with presidents pictures all over.. ok ?? be a good boy and wash all your zanu-branded clothing properly tonight !! ok small boy !!
The Erudite · 4 months ago
I have no time for people that possess the social skills of a dyslexic mongoose....It seems someone is busy painting an illustrious portrait of how they survive in opposition incorporated 🤣🤣...Do you have to twerk for your alleged progressive leaders and their puppet masters so that you can get your allowance...I know it is not exactly a lucrative venture to be part of the crowd at opposition Inc.... Why would someone twerk for ZiG🙄... Erudite out
Twerkers4ED · 4 months ago
erudite, it is a known fact that you twerk for ED in exchange for ZiG, it is very clear that you erudite and your other zanu-twerker-type puppets twerk for a few zig as you believe that the ZiG is an unprecedented success whose positive influence continues to be seen by all...
£$€¥¢ · 4 months ago
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣😁🤣

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