Speaking to the Zimbabwe Broadcasting Corporation (ZBC) on Monday, Eddie Cross said Zimbabwe’s economy will be in a better situation by the end of March.
He however said the country’s return to stable market and trading conditions will be between June and July. He said the period of market and trading conditions will coincide with the introduction of Zimbabwe’s new currency. Said Cross:
We are going to be in a very different situation by the end of March. But I think we will see a return to stable market conditions and stable trading conditions about June or July and that will coincide with the introduction of a new currency by the Government. I think (the introduction of a new currency) is sensible. It will end the queues at the banks, it will give people access to their bank balances and it will allow us to issue a currency, which can be used for local trading but without the mistakes that we made in the past with the Zimbabwe dollar where the Governor of the Reserve Bank (of Zimbabwe Dr Gideon Gono) printed money to cover the fiscal deficit. In economic terms you can’t do that because if you do that you destroy the value of the currency.
Edward Graham Cross (born 1940) is a prominent Zimbabwean economist and politician. He is the current member of parliament for Bulawayo South. He is also a founding member of the Morgan Tsvangirai led Movement for Democratic Change (MDC-T). Read More About Eddie Cross
Zimbabwe Broadcasting corporation is a state controlled broadcaster in Zimbabwe. Read More About Zimbabwe Broadcasting Corporation
Gideon Gono is the former Governor of the Reserve Bank of Zimbabwe (RBZ) a position he was in from 2003 to 2013. He is also former CEO of the CBZ Holdings, formerly known as the Commercial Bank of Zimbabwe, and Jewel Bank. Gono is known... Read More About Gideon Gono