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RBZ 'stupid' policies inciting panic- economist says
17 Nov 2016 at 07:34hrs | Views
Reserve Bank of Zimbabwe has been accused of fueling public panic with the impending introduction of controversial bond notes.
Economist and senior Fellow and Director of the Troubled Currencies Project Professor Steve Hanke, in a series of twitter posts described RBZ move as 'stupid'.
According to Hanke, the Zimbabwe economy is set to impode soon.
The central bank is set to inject $2 and $5 bond notes bills as the cash crunch escalates.
Below are some of Hanke tweets :
"Zimbabwe will introduce local bond notes in Nov. #USD to stop being used for local purchases. Stupid RBZ policies have incited panic.
"#Zimbabwe bond notes are contaminating the currency system. Just wait for Zim to implode
"Reserve Bank of Zim FX restrictions force wholesale & retail co's to illicitly purchase goods from SA. Loss of confidence in gov is obvious.
"The writing is on the wall in #Zimbabwe. ATMs running out of cash & long lines at banks: sure signs that its economy is going down the tubes".
Civil society groups in Bulawayo and Harare are due to roll out street protests today and tomorrow over bond notes.
The bond notes have sparked a withdrawal rush in virtually all banks.
However, most banks are short of cash and are now limiting withdraws to $100 per day.
Economist and senior Fellow and Director of the Troubled Currencies Project Professor Steve Hanke, in a series of twitter posts described RBZ move as 'stupid'.
According to Hanke, the Zimbabwe economy is set to impode soon.
The central bank is set to inject $2 and $5 bond notes bills as the cash crunch escalates.
Below are some of Hanke tweets :
"Zimbabwe will introduce local bond notes in Nov. #USD to stop being used for local purchases. Stupid RBZ policies have incited panic.
"#Zimbabwe bond notes are contaminating the currency system. Just wait for Zim to implode
"Reserve Bank of Zim FX restrictions force wholesale & retail co's to illicitly purchase goods from SA. Loss of confidence in gov is obvious.
"The writing is on the wall in #Zimbabwe. ATMs running out of cash & long lines at banks: sure signs that its economy is going down the tubes".
Civil society groups in Bulawayo and Harare are due to roll out street protests today and tomorrow over bond notes.
The bond notes have sparked a withdrawal rush in virtually all banks.
However, most banks are short of cash and are now limiting withdraws to $100 per day.
Source - Byo24News
