EDITORIAL COMMENT: Zimbabwe’s detractors must stop peddling falsehoods Dr John Mangudya

Zimbabweans’ propensity to peddle falsehoods which at times cause economic instability is very worrying. It is really mind boggling why Zimbabweans relish to disseminate negative false news about the economy which at times causes panic on the market. 

Last Thursday social media was awash with false news that the Reserve Bank of Zimbabwe had devalued the local currency. This was deliberately meant to manipulate the real exchange rate set by market forces. 

The false news caused panic on the market with some businesses increasing prices based on the false exchange rate of US$1:$35 which is almost double the interbank market rate of US$1:17,6. The false news even affected the illegal money changers who stopped trading as a result of the confusion. 

Some overzealous fuel traders also stopped selling fuel fearing they could run into losses. The RBZ had to issue a statement dismissing the claims that it had devalued the local currency.  

The RBZ Governor Dr John Mangudya said the falsehoods were calculated to cause chaos on the market which has been stable in the last five months as buyers and sellers of foreign currency in the formal sector were using the interbank rate more often.

 It is unfortunate that as Zimbabweans we are at times our own worst enemies because of this tendency of enjoying negatives about our country. There are many positives that the country is enjoying but these are not being highlighted especially on social media where everything seems gloomy. 

The disinformation which many people enjoy does not help the country as it impacts negatively especially on the economy. Panic and despondency destabilises the economy and we should therefore avoid peddling falsehoods. 

Last week Finance and Economic Development Minister Professor Mthuli Ncube expressed optimism that the country’s economy will overcome the numerous hurdles towards desired prosperity.

 He said the month on month inflation was stabilising and stressed the need to continue working hard to grow the economy. It is these positives that the country’s detractors want to destabilise by peddling falsehoods. We also have businesses that are refusing to accept that the country now has its own currency and continue to quote prices in foreign currency.

These, as we have said before, are economic saboteurs and measures must be put in place to rein them in. Government has warned that such businesses will face stiff penalties. 

We want at this juncture to implore Government to move with speed to introduce the penalties to punish these unscrupulous businesses that are refusing to accept that the Zimbabwe dollar is the country’s sole legal tender. Government must also come hard on illegal foreign currency dealers that are causing havoc on the market. 

Zimbabwe cannot afford indiscipline on the market place and those that decide to be defiant must be punished severely if measures being put in place by Government to grow the economy are to succeed.

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