The Economy Has Stabilised & Exports Are On The Rise – Eddie Cross

Economist, Eddie Cross while speaking to the Chronicle made sensational claims that the economy has stabilised, fundamentals are working and imports are on the rise.

Speaking about the monetary policy review, Cross, who is an RBZ Monetary Policy Committee member said:

I am quite pleased with the way the fundamentals are working. The economy has since stabilised and exports are on the rise. Local companies that rely on exports have also become so competitive and that is what exactly what we wanted to achieve. We closed down bulk monetary operations and the use of agent lines. Ecocash is not in the banking system so they cannot continue handling money the way banks do. It can be subject to abuse.

We have more USD in our economy than the RTGS. We allowed the use of USD so that it can start circulating. Once Government starts paying civil servants in USD, we should see improvement in the circulation of forex. An increasing number of companies and individuals are depositing forex in banks which is a confirmation of confidence in the banking system.

Cross’s sentiments were echoed by another economist Professor Gift Mugano who said the economy was in the right direction:

Yes, the economy is in the right direction. All the fundamentals are working for the good of the economy but we should guard against foreign companies that might come to loot the US dollars we have in our coffers.

Meanwhile, inflation stands at 756% and the purchasing power of the ZWL has deteriorated while some local businesses are refusing the local currency in favour of the USD.

 

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