{"id":78286,"date":"2023-05-26T18:16:11","date_gmt":"2023-05-26T16:16:11","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-needs-to-dollarise-at-this-stage-says-economist-amid-hyperinflation-fears"},"modified":"2023-05-26T18:16:11","modified_gmt":"2023-05-26T16:16:11","slug":"zimbabwe-needs-to-dollarise-at-this-stage-says-economist-amid-hyperinflation-fears","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-needs-to-dollarise-at-this-stage-says-economist-amid-hyperinflation-fears","title":{"rendered":"Zimbabwe needs to dollarise at this stage \u2013 says economist amid hyperinflation fears"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span><b>RELATED:<\/b> &#8211; <b>By Anna Chibamu<\/b><\/p>\n<p>LOCAL economist Gift Mugano has said government needs to urgently consider dollarizing amid fears of hyperinflation adding that any other measures will not contain the drastic fall of the local currency against the USD and spiking prices.<\/p>\n<p>In an interview with newzimbabwe.com Mugano said that the level of money supplied by the Reserve Bank of Zimbabwe (RBZ) and liquidity from the budget has been too high since last year, reaching at least 1000%.<\/p>\n<p>Recently, Zimbabwe\u2019s has witnessed the ZWL lose value and black market rates reach $3 000. In local supermarkets prices have skyrocketed with government accusing businesses of sabotaging its effort to improve the economy.<\/p>\n<p>\u201cAt this stage, we need to dollarise. Last June money supply rose from $1.1 trillion RTGS to $2.3 trillion in December. On average, our money supply liquidity increased by at least 1000 %.<\/p>\n<p>\u201cRBZ is printing money and the level of inflation is now unstoppable,\u201d Mugano said.<\/p>\n<p>He added: \u201cImmediate remedy required now is full dollarisation. Anything else outside this is as good as putting lipstick on a frog to make it beautiful.\u201d<\/p>\n<p>\u201cThese prices are explained by exchange rate spiral, draught of confidence and trust. This is why I advised government not to make emotional decisions e.g., opening of imports. If liberalizing imports is a panacea, is government going to open imports 4-10 k products in the market\u201d.<\/p>\n<p>Mugano said government cannot crack on retailers who are increasing prices because of the statutory instrument SI 133.<\/p>\n<p>\u201cRetail shops are using forward rate. Their rate is double the official exchange rate. Retail shops are complying with the SI 133. Due to this reason, government will therefore not be able to crack on the shops.\u201d<\/p>\n<p>Prices of goods and services continue to skyrocket in main supermarkets and Zimbabweans have resorted to street traders.<\/p>\n<p>He further attributed many challenges being faced by the Central Bank to the energy crisis which he described as \u201ca national disaster affecting the economy.\u201d<\/p>\n<p>\u201cMonetary policy at best is blunt. The elephant in the room are treasury payments outside of ZIMRA collections that are causing the rate to run.\u201d<\/p>\n<p>The economist said the introduction of the USD would stabilize the exchange rate and there would be no parallel market to talk about.<\/p>\n<p>Finance minister Mthuli Ncube four years ago described the then Bond Note as \u201cbad money following good money (USD) which he said needed to be scrapped.<\/p>\n<p>However, since then, his stance changed and he now supports the ZW$ against the USD despite the economy dollarising itself.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. RELATED: &#8211; By Anna Chibamu LOCAL economist Gift Mugano has said government needs to urgently consider dollarizing amid fears of hyperinflation adding that any other measures will not contain the drastic fall of the local currency against the USD and spiking prices. In an interview with newzimbabwe.com Mugano said that the level [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":78285,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-78286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Zimbabwe needs to dollarise at this stage \u2013 says economist amid hyperinflation fears - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-needs-to-dollarise-at-this-stage-says-economist-amid-hyperinflation-fears\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe needs to dollarise at this stage \u2013 says economist amid hyperinflation fears\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Zimbabwe. RELATED: &#8211; By Anna Chibamu LOCAL economist Gift Mugano has said government needs to urgently consider dollarizing amid fears of hyperinflation adding that any other measures will not contain the drastic fall of the local currency against the USD and spiking prices. 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