Zimbabwean economist, Eddie Cross has urged citizens to remain calm and avoid panicking against the current economic pressures facing the country.
He said inflation against the local currency is being necessitated by global commodity markets, which are not performing well due to the ongoing war between Russia and Ukraine.
In an interview with a state broadcaster reporter, Cross said the local currency value is strong, but some individuals are abusing it.
“The President must not panic. The people must not panic, but we need to be cautious and support all government reactions to such pressures which are driven by global commodity markets.
“The economic fundamentals are sound; our Zimbabwe dollar should be strong, but we are destroying our dollar. The Minister of Finance should trace the markets and institute a proper mechanism to deal with these monopolies. These economic woes and attacks on our currency will end in 24 hours,” said Cross
Meanwhile, prices of commodities in the country have continued to rise despite the introduction of a cocktail of measures aimed at stabilising the economy.
The price of bread has shot up to ZWL$950 in some shops while the cost of several other commodities has also skyrocketed.
However, Cross comments come after Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya said the government has a robust strategy to sustain the local currency.
The currency has been losing value against other currencies since its reintroduction in June 2019.
