Zimbabwean economist, Mr Eddie Cross says there is no need to panic over imported inflation which has been triggered by Russia’s invasion of Ukraine on 24 February this year.
This comes as prices of commodities in the country have continued to rise in the recent past 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 in recent weeks.
ZBC News’ Tendai Munengwa quotes Cross, a former MDC legislator as saying:
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 proper mechanism to deal with these monopolies. These economic woes and attack on our currency will end in 24 hours.
Cross speaks after Reserve Bank of Zimbabwe (RBZ) governor, John Pamonetsa Mangudya has 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.