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Biti Warns Of Economic Chaos In 2025

1 month agoTue, 14 Jan 2025 07:26:19 GMT
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Biti Warns Of Economic Chaos In 2025

Former Finance Minister Tendai Biti has warned of potential economic chaos in 2025 if there is no liberalised exchange rate and no injection of liquidity into the economy.

In an interview with NewsDay, Biti said the introduction of the gold-backed ZiG currency in 2024 has contributed to economic instability. Said Biti:

Companies are paying the price of an uncertain political regime and exchange rate mismanagement. The introduction of the ZiG [Zimbabwe Gold] currency has only brought chaos to the economy.

Biti warned that Zimbabwe could face a total collapse in aggregate demand as businesses grapple with crippling debt charges and limited access to affordable capital.

To prevent further economic decline, Biti said that must be cheap money in the market to provide businesses with the funding necessary for survival.

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He also criticized the export surrender requirement, calling it an unnecessary burden that restricts access to foreign currency.

Under the current system, exporters are required to surrender 25% of their proceeds in exchange for local currency at the prevailing interbank exchange rate.

Biti further called for the removal of money transfer fees, arguing that they stifle economic activity and increase the cost of doing business.

The former Finance Minister also expressed concern over the political uncertainty surrounding the potential extension of President Emmerson Mnangagwa’s term beyond the constitutionally mandated two terms, which are set to end in 2028.

He warned that such political instability could further exacerbate the country’s economic challenges. Biti said:

The uncertainty created by Mnangagwa’s third-term ambitions and the removal of key officials is discouraging investment and deepening the crisis. Such moves create suspicion and erode trust in governance.

Biti said the political climate is prompting businesses to relocate to South Africa and other neighbouring countries, while investors remain cautious and reluctant to commit.

More: Pindula News

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23 Comments

Meda Online · 1 month ago
But sometimes don't just oppose for the sake of opposing. Malawyer sne problem yekufunga kuti munoziva zvese. Our politics is in turmoil because lawyers are at the helm of every institution. We are sick and tired nemi maprophets of doom.
citizen · 1 month ago
Comments section should be removed from this platform.Apparantly ,we are wasting our precious time for mahala.If they were worthy,those who responsible for the running of the nation's businesses could have learnt something for the better.
👍 · 1 month ago
no investor can accept zig
Private Investigator · 1 month ago
We have heard this statement for the past five years.How many jobs were created when Biti was Minister of Finance? Officials in the Ministry of Finance have to formulate policies based on the current economic situation: its not about what Biti likes or not.
Xx · 1 month ago
Ndivo vaidiwa kuiswa muparamende, zvino kwakutiisira uyo akabva asiya asati ambodii zvake
kiri · 1 month ago
Biti chibaba zveshuwa
Ediots · 1 month ago
You cant deny what you are seeing in the market. the scarcity of commodities tells of a failed economy.ED seems to be waiting for the time comes that even the ediots are frustrated and zanu pf cannot beg enough to distribute to their loyalists as was the situation in 2000/8
The Curator · 1 month ago
What commodity are scarce? We had a very serious drought last year, but where there any shortages of any kind? Where there any wanton price increases like we did in 2008?
time will tell · 1 month ago
wait and see, then talk again in a few months and see if you sing the same tune... its only 2nd week of 2025 today...
Dirac jecha · 1 month ago
ngazvidhakwe zvigodhakwa zvigodhakwaaa
trabablas · 1 month ago
in as much l loved this man ...haaaa he sold the struggle
Tambaoga · 1 month ago
Pasi nemhandu.Anopenga Biti uyo shuwa mutengesi
The Curator · 1 month ago
What if it's actually Chamisa who sold the struggle?
BobMany · 1 month ago
Biti is the most successful finance minister post 2000. Lend him an ear this is not rocket science.
The Curator · 1 month ago
We have been experiencing the same economic challenges since 2002, so there's nothing new that Biti is talking about. Tatojaira.
Zozo · 1 month ago
Some people are full of ZANU PF. Bit I chibaba chinoziva economics kwete zvana Dho.dhiwell munoswera kutsvara ma sewage muchitsvaka uchi. Zigi rakaora muna April last year. Hapana investor anouya zviro zvakamira seizvi
𝕮𝖆𝖓𝖉𝖎𝖉 𝕿𝖆𝖑𝖐 · 1 month ago
The beginning of a new prophetic season would usher in a new order, things will change for the better. 2025 is the year of shakings, it is pregnant with wonders from above, God 's wish for the people of Zimbabwe shall reign.
Khan · 1 month ago
Biti knows nothing
gweja nyumwawo · 1 month ago
asi biti ane data iwe hauna uri papindula
Zi · 1 month ago
Pindula haishandise data here ****?

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