Pindula
Register Login

Biti: No Country Can Survive Zim's Multi-tier Pricing, Multi-tier Exchange Systems

Biti: No Country Can Survive Zim's Multi-tier Pricing, Multi-tier Exchange Systems

Former Finance Minister Tendai Biti said the prevailing multi-tier pricing system and the multi-tier exchange rate regime are bad for the country’s economy.

Service providers and shops use different exchange rates depending on the nature of the local currency being used by the customers, for example, Zimbabwe dollar banknotes, EcoCash, swipe, etcetera.

Moreover, supermarkets use different exchange rates, making it difficult for consumers to plan their shopping.

Speaking during a Twitter Space titled Uncensored with Mzala Tom on the State of the economy of Zimbabwe: Challenges of State Capture and Corruption, Biti, who is Harare East MP (CCC), said:

One of the challenges of the inflation is that the pricing itself is crazy, we have a multi-tier pricing system in Zimbabwe and no economy can exist given that disequilibrium when you have the same goods having the price in rand, USD, RTGs, on Zipit, Ecocash, Ecocash USD platform.

In addition to a multi-tier pricing system, we now have a multi-tier exchange rate regime.

So, we now have the auction rate, then we have the open market, willing buyer, willing seller which we know doesn’t exist, then we have the parallel market, the black market in fourth street, then we have the blended rate which supermarkets are using and different supermarkets are using different rates.

There is no country that can survive this multi-tier pricing system, multi-tier exchange system.

Biti asserted that Zimbabwe’s main problem is the unrestrained creation of money by the Reserve Bank of Zimbabwe (RBZ). He said:

The exchange rate itself is shooting, we are in no man’s land, it’s like kick and walk football, economics is a science of logic, here in Zimbabwe we have a problem, there is too much money, they are generating too much money.

In March we had money financing by-elections, nobody told us the cost of the election, I think they might have cost around US$120 Million.

That money is given to suppliers, they sell in RTGs, and they go on the black market to monetize it but the biggest form of an increase in money supply, in fact, is the auction system which is rigged.

More: CITE

Share Article

Sponsored

More

42 Comments

Blue💧 1 month ago

ini mudzimai wa Blue.Inga mukutaurirwa zvovaka nemurume wangu


Blue Tooth 1 month ago

Nhai @Blue 💧, munombogarisana sei kumba kwenyu? Sei ndabvunza? Yekuti zvinoita kunge dzababa vekwenyu dzakaburuka dzikatambiswa mahumbwe nevana. Kuti dzichinyatsodhonza zvanetsa, dzairav****. Pamwe makazotora madhoti evana mukaisa mumusoro mavo. Hameno

Ndiudzewo ndizive

Sponsored

More
Rundofa 1 month ago

@Blue listen mr will rather ingage in the informal sector taChinja this gvment..not tobe forced munhu into that sector arine digree rake...

...CCC...


Da Truth 1 month ago

Asilif ndi Mutsvangwa uyooo AAA siya zviende

Asalif 1 month ago

he's just crazy that guy I'm an architect by profession leave that sell used clothes and who will design buildings let alone inspect the construction , I'm a medical doctor or a nurse leave that do aquaculture and who will attend the sick , informal sector don't pay taxes for crying out loud so were will government get money to take care of the blind, disabled,ophans, the homeless we just say social welfare of the poor

Ndini Ndadaroo 1 month ago

l need quality time with Biti. Timbo taura tiri 2


muCCC 1 month ago

@Blues ita mushe.Biti z opening up ur minds kuti tione tikubvepi tichiindepi iwe haudi.u want him 2 praise dis torn n tattered economy full of thieves who want dem bellies full forgetting di ordinary citizens. Chamisa whoyee paMAZOE ipapo


Stallion 1 month ago

blue I feel pity for your neck which is carrying a badly polluted mind with zanu pf next CCC kustate house ndopauchapepukira ipapo

Da Truth 1 month ago

Pliz leave @blue balls scratch his balls pliz imi ndimi motopenga vanhu pano siyai a hukure ega confusion aigarepi akauya last week muno muzim kasi God open yo eyes .

Asalif 1 month ago

@muCCC I'm not meaning you my man , I'm mean this @ Blue guy

Asalif 1 month ago

😅😅😅😅 having a discussion with you is wasting precious time

Blue 🔵 1 month ago

He's in the opposition, hell will freeze over before he sings any hymnal of a compliment. If you want to vote CCC that's fine,l don't hate you about it. It's just like soccer some like Arsenal, l dig Man United.
However, do not let CCC propaganda steal your self belief. Don't let it make you think you're useless and there's nothing you can't do about. That's a lie.
Speaking in football terms, CCC is like Arsenal, we all know how that one ends. Spare yourself migraines.

Asalif 1 month ago

@Blue usatiza nyaya kungesa mabook, gaming, website marketing and selling your staff on Amazon opening PayPal accounts is that kind of informal business


Blue 🔵 1 month ago

Everyone*

Blue 🔵 1 month ago

I did it intentionally. Not anyone can spot that mistake. You get my point? About strengths?

Machiavelli 1 month ago

Chirungu, chirungu veduwee.....
Bruises = contusions
Cuts = lacerations

You can say cuts and bruises OR
lacerations and contusions

BUT NEVER
bruises and contusions ❌❌❌

Blue 🔵 1 month ago

CCC guys have become allergic to compliments. Your self belief and worth has bruises and contusions. That's the problem with Chamisas propaganda. You lose self worth and start to think everyone is out to get you.

Machiavelli 1 month ago

The **** section should read I.D.I.O.T

Machiavelli 1 month ago

The **** represent I.d.i.o.t.

Machiavelli 1 month ago

@Blue 🔵 siyana neni. I have abstained to debate with you for a very good reason, which I have so far refused to divulge. Now that yo have mentioned me bu name and reputation, I will.

"Never argue with an ****. They bring you down to their level and then beat you with experience "

I am out of here. Dira rizare wangu. Rizare kuti fashu fashu 🍻🍺

Blue 🔵 1 month ago

US dollar. Hanty ndooamunoda here?🙂

Asalif 1 month ago

3 what bond or USD so why do you sing praises on the local currency everytime

Blue 🔵 1 month ago

Nuanced. I just want people to make money. There's a guy here named @Machiavelli and some other folk in here. They write some of the best English. That's their strength. One needs to know his strengths and make money through them. Upload a book on Amazon free of charge, sell it for 3 bucks, nyangwe zvikanzi waita only 600 sales tdhe entire globe, that's a lot of money

Rita 1 month ago

Life goes on. Despite our daily hardships we face .


Blue 🔵 1 month ago

@Boss Yedhah, Asalif, Inini etc, our economy is informal, l believe we can all agree to that. If I'm not mistaken, they say it's 90% informal. When people hear this they start complaining, but let's remind each other that mourning won't put margarine on one side of our bread in the morning.
When they say the economy is 90%informal, it simply means 90% of all monies are in the informal sector. Simply put, team rema bhero, embroidery, graphic design, tuma tuck shop, vakutengesa bhutsu nema jeans ndivo vane mari.
Those guys make 14USD profit on a slow say. If you do the math, such a person earns more than any teacher. Informal; mari yese yeZim ndookwairi, it's sas professions no longer pay that what l meant when l sai roll with the times. Ask your barber man how much he earns per say. Please 🙏. Y'all be shocked.

If there's anyone in the informal business can testify what I'm talking about. Those guys make money 💰. A human being is an intellectual creature with the ability to adapt quickly it's greatest strength.
Biti's talksa
Will make you think your life is over, no no no. Life is just now informal. Embrace it. Buy your fish fingerlings60US for a thousand, make a little pond at your home, five meter by five meter and make yourself some money. Change perspective.In every crises some prosper.


Asalif 1 month ago

sei uchireva nhema during gnu that is when most bakeries started reopening and new ones opening and companies started operating GMB National Foods even Zupco started buying new buses everything changed even schools bought buses those days and those who failed zvakatotadza ipapo maybe you where staying in south Africa that is why you talk of Sasko that is why you don't know anything about the GNU , it was a success that thing that is why Mnangagwa is always singing it but we say no stay with your failure we start from scratch like Mozambique

Blue 🔵 1 month ago

Guys, you need to understand kuti nyika haingo simuke. If one starts small, overtime he or she will get big enough and become a proper establishment. In our quest for economic growth the most valuable resource is the people. China was built that dast on the basis of a United people or system, whatever you may call it. The same cannot be said of Zimbos.
Remember, during GNU era, industry was just as Dead to the extent yekudya chingwa chinonzi Sasko chepa SA. Varume, vana Biti are not for empowerment.

Dhuterere 1 month ago

zvatakaendera kuchikoro tosiya tose totengesa Saka zvovaka nyika , informal economy make the government broke because they don't pay income tax and that is why this country is broke because industry is closed

ININI 1 month ago

uyu blue uyu i**** chairo


BOSS VEDAH 1 month ago

@ Blue yur brains have been brainwashed by ZANU PF thot this platform PINDULA can make you open minded. With all these enlighten stories of how Zanus are living lovish lives bt its supporters are suffering, MEAGRE salaries, poor education system, utterencies that "USD ndomari chaiyo kwete RTGS" yu are still NAIVE. You still take pride in the RTGS and this government haaaa unoda kunamatirwa iwe.


Dhuterere 1 month ago

uyo munhu anonzi @Blue ibenzi ndozomuona haana kukwana zvachose kana kuti mutoriro


Chawabvunza 1 month ago

I want to differ with those who label Advocate Tendai Biti as an economy destroyer. He is talking of sensible things. Remember that at GNU government Advocate Tendai Biti ran the Finance Ministry very well. He is saying mult tier pricing and multi tier exchange rates do not work. Citizens can witness it for themselves. It has failed dismally.

[ VOTE CCC FOR REAL CHANGE].


Children of War Veterans 1 month ago

CYCLONE 🌀 CHAMISA HAPANA ANOIMISA.

Vote for Chamisa. Vote for CCC


Blue 🔵 1 month ago

This Biti guy is part of the problem. Such talk just worsens our economy, destructive propaganda. Vakomana let's work to boost our own economy, everyone has a role is giving towards our GDP.
Open websites, computer guys code games and upload them on play store. A game like Candy Crush earns millions per week, literature guys open Payoneer accounts, write novels and upload them on Amazon, the least you can get per book is 900US dollars. Vakomana let's change our perspective, let's not just complain all the time. Things are difficult l admit but let's roll with the times.
If Biti is sooo ****in amazing, then why does his policies based on returning the US, you have to ask yourself, why is these guys so obsessed with anything America. Zanu can also reinstate the US but you have to remember it's not ours, where did our pride go? We no longer care about our country, it hurts


Red♦️ 1 month ago

There's no better love for one's country than calling out those killing it. You think Biti hates Zim when he calls out multi tier pricing and exchange rates, then you're a blo*dy fo*l. Gadzirai nyika yamauraya vakomana. I hate politics but at this rate trust me I'm voting for change.

Asalif 1 month ago

@Blue you seem to be crazy or some stuff so all the praises you give RTGS you think that staff you are talking about of blogging , gaming, books, you get paid in RTGS

Mangethe 1 month ago

Blue @ Advocate Biti is not juc talking nonsense but is contributing his knowledge
He delivers the problems ,causes of the problems and solutions
So what are u saying ,Which problem are talking about

MUJIBHAS 1 month ago

Iwe ndiwe biggest the problem. Haudi chokwadi. This regime of yours is useless. Get Away!!

Votefor Chamisa. Vote for CCC

Gafa 1 month ago

Mamwe mapenzi eZanu anofurigwa naMnangagwa ajaira kutiza next year anovatiza oenda kuSouth Africak


Da Truth 1 month ago

**** rako iwe blue balls Biti adiii paakadzingwa me nguruve yenyu Nzvonyora makadii kubudirira.Ini ndino believer mwari chero gudo nhunxi inoziva kuti 2009 yakaguta chero bete rinozviziva ok iwe usamama pano enda ku Herald unopa muvono wako ikoko hatiuyi ikoko u are the worst contributed pano pa platform .Vybz Ellyse aitova Nani iwe uri Mutsvangwa chete varume musanetsana na Mutsvangwa ndini ndadero

Chimboti Pizza 1 month ago

How we manage to survive in this country is a mystery to everyone, vote CCC for change


Chamisa junior 1 month ago

☝️☝️☝️☝️☝️☝️☝️☝️Chamisa chete chete . ZANU yazvitadza


Leave a comment


Recent News


News Categories



Give us Feedback