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‘Parallel Market Exchange Rate Will Hit 1:9 In The Next Few Days’

The bullish black market exchange rate is going to trade at US$100 = RTGS$1,000 in the next few days, MDC deputy president Tendai Biti has said.

Biti’s also said inflation will jump to 500% in the coming month.

His statement comes as Zimbabweans yesterday woke up to more retail shops charging in US dollars, with government joining in the bandwagon, amid shortages of basic commodities such as cooking oil and sugar.

“The wheels have come off. Massive prices hikes mean that inflation will jump to 500% this month. The parallel exchange rate will hit 1:9 in the next few days.

“There is a shortage of everything particularly fuel, drugs and electricity. Emmerson Mnangagwa has taken us back to the Stone Age,” Biti said.

This week, a wave of price increases hit basic commodities such as mealie-meal, rice, flour, salt, cooking oil due to inflationary pressures as the economy continuously nosedives.

Some retailers have even stopped putting price tags on goods, as they continuously change on an hourly basis.

Cooking oil was yesterday selling at around ZWL$25 per two litre bottle compared to last week.

The increases come as the State, which has been anticipating massive demonstrations against the President Emmerson Mnangagwa’s government over the worsening economic situation, was on high alert in Harare and Bulawayo yesterday in anticipation of shutdown protests.

In Harare, police maintained a presence in hot-spot areas, seemingly to detect and quell any protests which, however, never happened.

— ZOOMZimbabwe

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