PANIC BUYERS WILL LOSE MONEY : MINISTER

Panic buyers will count their losses once the situation normalises, according to Finance Minister Professor Mthuli Ncube.

“Ordinary Zimbabweans should not go into panic buying of goods and commodities, as prices will drop and they will lose money. Likewise, wholesalers and retailers should not hoard goods in anticipation of obtaining higher prices in future. They will incur loses. I urge everyone to be patient. We will turn around the fundamentals of the economy through various measures contained in the Transitional Stabilisation Programme,” he told The Sunday Mail.

“Sometimes bitter medicine causes the patient some discomfort as they swallow it. As a country, we have to take the pain early enough so that by year two of the reform agenda, we will have completed the bulk of reforms enunciated in the Transitional Stabilisation Programme.”

Prof Ncube said the falling parallel market exchange rate between the US dollar, the bond note and RTGS balances was expected as rates were being driven by “over-speculation”.

“There was over-speculation in the parallel market when the rates were going up. We have guaranteed value and the conversion rate of 1:1 and rates should move to that parity rate or even lower.”

By yesterday, the parallel market exchange rate had dived from an all-time high of 1:6 (US$100 for $600 RTGS) reached last week to 1:150 (US$100 to $150 RTGS).


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