Make Interbank Market work and things will stabilise – Cross

A staunch supporter of the “New Dispensation” and former MDC official, Eddie Cross considers Zimbabwe to be far from a failed State despite its myriad of shortages: fuel, food, electricity, and a sharp increase in prices of goods and services across the board.

Cross quit active politics in 2018 ahead of the general elections held in July and has been an avid supporter of President Emmerson Mnangagwa’s administration since.

He suggests that there is a clear path out of the crises if the government is bold enough to make the decisions. Said Cross:

We must make the official, interbank market for foreign exchange work so that the exchange rate in the Banks has credibility and when we want foreign currencies, we can buy them and remit them to clients and suppliers outside the country.

We cannot do that if the Reserve Bank is allowed to unilaterally take foreign currency out of our bank accounts for their own use and replace it with local electronic currency at a false exchange rate.

Make all Banks sell the foreign exchange that is available on the interbank market every day and allow people to buy from the market through their banks what they need.

The exchange rate will strengthen and prices will go down, automatically. Is that so difficult to understand and do?