In an interview with The Chronicle, economist and former MDC legislator Eddie Cross hailed the 2019 Reserve Bank of Zimbabwe (RBZ) Monetary Policy Statement.
Cross said the establishment of a formal exchange market will result in stable forex prices and the black market will disappear. He also said prices of most goods will drop following the devaluing of the bond note. Said Cross:
It’s a step in the right direction especially looking at the establishment of the formal forex exchange market. What it means is that the forex prices will stabilise and the forex black market will eventually disappear. Definitely, prices of most goods are expected to drop following the freeing up of the exchange rate. The prices have increased as they chased the exchange rate but after the formalisation and stabilisation of the market, prices will definitely fall
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Cross also said exchange rate controls should be totally abolished altogether as they have a negative impact on the economy. He said the monetary policy compliments Mthuli Ncube’s budget.