US Dollar No Longer Sustainable For The Economy: Minister Mangaliso Ndlovu

The Minister of Industry and commerce Mangaliso Ndlovu has said the United  States Dollar is no longer efficient in the economy. He was speaking at a conference held by Alpha Media Holdings(AMH) in Harare to discuss the impact of the Reserve Bank Zimbabwe’s latest monetary policy.

Minister Ndlovu highlighted that

“I do not believe it is good for our economy, I do not believe it is good for competitiveness of our products, more so now, when everyone is talking about the exchange rate because of the liberalisation that was done on the 20th of February,” said Ndlovu at the AMH Conversations titled: “Opportunities for Industry”.

The Minister mentioned that last year in 2018 Zimbabwe lost 50 % of its competitiveness in terms of its commodities since it was using the US Dollar as a transacting current.

Ndlovu also said that this has made the country to find it difficult to generate foreign currency so as to meet local and external demand of cash.

Similarly, Sifelani Jabangwe who is the President of Confederations of Zimbabwe Industries also said that the government should create a platform where sellers and buyers should come together. and discuss the way forward. He also said that many businesses are not operating because there are failing to acquire foreign currency.

Related:

• New Monetary Policy Good, But Government Not Trusted Anymore: Business

• Official Bank Rate & Black Market Exchange Rates Today – 12 April

More: AllAfrica News