Zimbabwe's Currency Crisis: Speculators and the Struggle for Forex Access

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Zimbabwe's Currency Crisis: Speculators and the Struggle for Forex Access


In this critical discussion, Dr. Prosper Chitambara, a Developmental Economist, joins us from Harare to explore the escalating foreign exchange crisis in Zimbabwe following the introduction of the new Zimbabwe Gold (ZiG) currency. As residents face severe difficulties in accessing US dollars for essential transactions, we examine the role of…

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8 Comments

  1. Zim according to anybody is just a small country should I call it a county, that little gold and other minerals will sustain lives of the population, gwavameni awenzele abantu bakho iqiniso, yeka ukuhlukumezana

  2. Politicians won't have much committments on this currency due to the Vote that are towards but it was gonna be much better if African nations accept the currency in trademarks…

  3. Nothing is going to change unless Chamisa is involved in this, mnangagwa and company are thieves who have introduced this currency to steal from the poor Zimbabweans. Chamisa is the settlement solution of the economy of Zimbabwe whether they like it or not. Zig will never work but it's a child s play with people s money. Economy in shampoo and you forcefully introduce new currency without first consulting the people themselves, very wrong, Zimbabweans are not members of the police force where you are forced to adopt to certain things by force, like what chihuri did to the police officers forcing the dedications of money to build that bording school in borrow dale. No junior police officer benefited from that school except the senior gvt and senior police officers only, this zig for mnangagwa and company

  4. This is senseless. When I go in the supermarket, I hand over a crisp USD note, and receive local currency, are we not changing money? Hogwash. The Money Changers ARE the 'Government'. Gangsters doing arbitrage. If 'Government' won't take it, Why should I?

  5. Forex is not the clean part of the Nigerian economy.
    The attractiveness of Forex , its the set of the trade internatinal and domestic rules, is the possibility of the highest profits, among all of the financial sector, within the short period. The short perod is counted from hours till months.
    Forex can be attractive for the Nigerians, the owners of the 10mln naira and more,
    which are saved in the saving accounts of the Nigerian commerical banks with 1,5 – 2,3 per cent of promissed profit per annum.
    Nigerian financial market deals mostly with US dollar and the British pound.
    So, the competition of the Nigerian financial analysts,
    the review of the financial forecasts by the same analystc can add the pressure on the blood of the prospective investors into Forex. Forex can give up to 50 % of profits per annum.
    And the loss in the same amount per annum from the fincial investment into the company of th dealer.

    As the number of the currencies is only 3, the investors wil be attracted by
    the simplicity and
    the verbal competition of the finacila analytics before the Nigerian viewers.

    The most plesant target for all finacial analysts is the Central bank.
    The good financilal analysts can find the reason to attack the policy of Central bank of Nigeria daily or weekly, upon the invittion of theeditor of the program.
    And the officers of the Central bank shall be ready to face the challenge of the private financial analysts,
    by defending the policy of the Central bank of Nigeria.
    Becase the sources of earning of the Central bank and of the private anlaysts are different.

    To attack the policy of the Central bank is to deliver the opposite view on the decisions of the Central bank.
    the fincial analysts shall know who delivers te decision and what decsion is going to be delivered in the Central bank.
    The TV cantral presents all possible, also in theory, points of views for the Nigerian viewers.
    So, the verbal competition betwen the officials of the Central bank of Nigera and the private fincial analysts can only add the number of the Nigerian viewers.

    The same can be realated to the domestic market of cruid oil,
    if the federal law makers would deliver the ammendment to the law on the trade of oil products:-
    NNCP shall publish the prices on the federal web site for all wishers to see the prices,
    the Nigerian federal law makers shall deliver the rules in the form "allowed/disallowed" for such publications.
    It is clear, the federal tender on such web site shall be a part of the federal rules of the publications of the prices.

    Such federal rules will give the first ever possibility to check the prices of NNCP cruid oil and the oil products of the domestic traders with the federal rules
    for the oil products market analysts and for
    the general Nigerian public.
    Today the NNCP domestic contracts on cruid oil are not regulated by the federal lawmakers.
    The competition between the market analysts is the delivery of the daily contracts on cruid oil to the Nigerian drivers.
    The investors will have a chance to see, which public domestic company offers the best devidents on daily basis.
    After the elections, the federal law makers () are not often guests at the TV Central and at the friendly TV stations.
    The direct task of journalists is to ask,
    what about the prices on the gazolin in the gas stations of the different 36 states,
    dear members of the National Assembly, for the begining of the federal enactment.