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*Business Blames Govt For Driving Inflation & Spike In Parallel Exchange Rates* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?kl The Confederation of Zimbabwe Industries (CZI) said the increase in money supply as the government borrows to fund its excessive expenditure is stoking inflation. A CZI official urged the government to desist from making one-off payments to its suppliers, but rather pay in tranches so that they won’t rush to the parallel market to buy foreign currency. ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- Speaking before the Budget, Finance and Economic Development Parliamentary Committee on Monday, CZI chief economist Tafadzwa Bandama said: > The problem we are having in the economy is the growth in the money supply. Just to highlight that in the last quarter of 2019, the money supply was $35 billion and in the first quarter of 2020, it is now at $46 billion, which is quite a huge growth in the money supply. > We also want to highlight as CZI that supply of services to the government must be rationalised, especially when it comes to payment. If say a supplier does a job for $3 million, for example, instead of giving them the whole $3 million which they will use to rush to the parallel market, it’s better to pay in tranches so that we do not have a run on the exchange rate. Several business executives who appeared before the Committee blamed government policies for the economy’s poor performance. *More: NewsDay* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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