Loss Of Market Confidence, Oversupply Of Zim Dollar Pushing Exchange Rate Up – Biti

Former Finance Minister Tendai Biti has painted a bleak picture of Zimbabwe’s immediate economic prospects, saying citizens should brace for a meltdown worse than 2008.

Biti said the loss of market confidence means that no-one is willing to hold onto the Zimbabwe dollar resulting in an oversupply of the local currency and this has been pushing the rate up. Said Biti:

Thanks to fascism and corruption whatever market confidence there was has completely evaporated. The parallel market rate veers very closely to 100.

No one is willing to hold on to the Zimbabwe dollar, so oversupply of same is pushing the rate up. RBZ control measures have exacerbated crises.

The regime has lost the confidence and control of the market and indeed the people. Huge corporations scaling down or shutting down completely.

Rio Tinto has closed due to the environment including the unlawful export surrender requirements. Massive capital flight and haemorrhage.

It is Armageddon. A total meltdown worse than 2008 that will see a growth rate of -25% in 2020. An implosion is therefore inevitable as all stakeholders have come to the brutal conclusion that without legitimacy Mnangagwa lacks the desire, the competence to reverse the disaster.

More: Tendai Biti on Twitter

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