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According to FBC Securities, a prominent securities firm, people in Zimbabwe still lack confidence in the local currency. This is because they have experienced situations in the past where the currency lost its value rapidly due to high inflation. These instances, particularly in 2008 and 2019, resulted in significant financial losses for individuals and businesses.

<ul style="list-style-type: circle;">
<li><a href="https://www.pindula.co.zw/2021/07/17/worthless-zw50-note-evokes-memories-of-the-2008-era/">“Worthless” ZW$50 Note Evokes Memories Of The 2008 Era</a></li>
</ul>
The lack of confidence in the currency is seen as the main reason for the unstable exchange rates, capital leaving the country, and persistently high inflation rates that are difficult to manage, <a href="https://www.newsday.co.zw/business/article/200018454/trust-issues-torment-zimdollar">NewsDay</a> reported citing FB Securities’ third-quarter report. Read the report in part:
<blockquote>
Promoting wider use of the local currency has been challenging as economic agents continue to favour the US dollar (US$) for transacting and value preservation.
While exchange rate stability has been achieved to an extent, and official inflation figures continue to trend downwards, confidence in the local currency remains low due to past experiences of volatility and value loss.
</blockquote>
FBC Securities expressed concerns about the stability of the Zimbabwe dollar. They believe that the currency’s stability depends on the government’s ability to control the money supply, build confidence, and encourage the use of the local currency. The firm suggests implementing measures to increase the supply of foreign currency and reduce the demand for the US dollar while promoting the use of the local currency.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/08/21/annual-inflation-falls-to-75-6-in-august/">Annual Inflation Falls To 77.2% In August</a></li>
<li><a href="https://www.pindula.co.zw/2023/08/13/american-economist-prof-hanke-says-zimbabwe-has-highest-inflation-rate-in-the-world/">American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World</a></li>
<li><a href="https://www.pindula.co.zw/2023/10/10/zimbabwe-dollar-official-rate-moves-to-5-633-per-us1/">Zimbabwe Dollar Official Rate Moves To $5 633 Per US$1</a></li>
<li><a href="https://www.pindula.co.zw/2023/09/14/retailers-defy-fiu-directive-on-zimbabwe-dollar-pricing/">Retailers Defy FIU Directive On Zimbabwe Dollar Pricing</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/06/world-bank-economist-says-97-of-transactions-in-zimbabwe-are-in-us/">World Bank Economist Says 97% Of Transactions In Zimbabwe Are In US$</a></li>
</ul>
Currently, the US dollar remains widely used in the country, with most bank loans and transactions being conducted in US dollars. The government has been promoting the use of the local currency and has taken steps to manage inflation and exchange rate pressures. Inflation has slowed down since a new calculation method was adopted, which considers the dominance of US dollar transactions. Annual inflation dropped to 18.4% in September, compared to 77% in August. The authorities expect inflation to continue declining, reaching levels below 3% on a monthly basis and decreasing by 60-70% by the end of the year.
FBC Securities also predicts that pressure on the local currency will remain high, especially during the second half of the year when fiscal spending increases for agricultural purposes and bonuses. They anticipate that the stock market’s performance will be influenced by liquidity conditions and concerns about preserving value amid the currency situation. The firm expects investors to show growing interest in alternative investments as they assess the local economic conditions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

FBC Securities: "Zimbabweans Still Lack Confidence In The Zimbabwe Dollar"

Limpopo Health MEC Dr Phophi Ramathuba confronted a Zimbabwean patient at a Bela-Bela hospital telling her that South Africa does not have the budget to accommodate foreign nationals.
 Ramathuba told the woman that she should get treatment in Zimbabwe. She said in a video circulating on social media:
<blockquote>
How do you find yourself in Bela-Bela when you are supposed to be with Mnangagwa (Zimbabwean president Emmerson Mnangagwa) there? You know he doesn’t give me money to operate you guys and I’m operating you with my limited budget.
</blockquote>
The patient responds by saying she appreciates it, but the MEC added that her department’s budget constraints are further exacerbated by the fact that Zimbabwean nationals in the country also depend on government services/facilities. She added:
<blockquote>
When you guys are sick, I’m hearing these days you just say, ‘let’s cross Limpopo river, there is an MEC there who is running a charity department. It’s not.
</blockquote>
Watch the video below for more: 
<div class="wp-video" style="width: 196px;">
<video class="wp-video-shortcode" controls="controls" height="424" id="video-240193-1" preload="metadata" width="196"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/08/ZIM-PATIENT-SA.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/08/ZIM-PATIENT-SA.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2022/08/ZIM-PATIENT-SA.mp4</a></video></div>
There are estimated to be between 800 000 and 3 million Zimbabweans in South Africa. Zimbabweans migrated to the neighbouring country following the collapse of the economy two decades ago. The decline was mainly attributed to corruption by political elites.
Economic challenges in South Africa have, however, in recent years triggered tensions between local citizens and foreign nationals with the latter being accused of taking away public goods and services meant for local citizens.
Ramathuba’s remarks come as thousands of Zimbabweans are set to be deported at the end of this year following the termination of the Zimbabwe Exemption Permits that allowed them to reside, work and learn in South Africa.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

South Africa: Doctor Tells Zimbabweans To Get Medical Treatment In Zimbabwe

The former president of the Zimbabwe Congress of Trade Unions (ZCTU), Peter Mutasa, has said the economic crisis in the Southern African country reminds of the 2008 situation when inflation reached a record 231 million percent as per official statistics. Peter Mutasa (PM) made the remarks while speaking in an interview with NewsDay (ND) senior reporter Moses Matenga last week. We present excerpts from the interview:
<blockquote>
ND: As someone who has worked in the banking sector and, of course, as the immediate past president of ZCTU, how best can you describe Zimbabwe’s economic performance?
PM: We are now under an exploitative and failing crony capitalism. The economy is tailspinning into chaotic scenes reminiscent of the 2008 economic crisis. Looting by government officials is spiralling out of control. These government officials are taking positions that protect their earnings and assets. The main indicators include the volatile exchange rate that has wiped out value for wage earners and pensioners.  Inflation has been managed, but it is still out of control. There is low domestic aggregate demand, with most workers earning barely sufficient wages to enable them to buy food. It is now mainly diaspora remittances and incomes from informal jobs that are keeping the few manufacturers and retailers going.  We are in a debt trap, and are failing to service our external debt which has ballooned to US$13,7 billion. Sadly, we have been acquiring more debts in opaque ways and without commensurate economic gain.  It is clear we are staring at the 2008 situation.
ND: You are painting what seems like a negative picture of the state of affairs, but the government insists that the economy is on a recovery path, who is fooling who?
PM: That is self-serving propaganda that does not assist the nation. There must be indicators which show that the economy is recovering. Exchange rate, inflation and low incomes do not show an economy that is stabilising or on a recovery path. The managed exchange rate moved from 1:1 to now 1:106, while through propaganda the government wants people to believe that it is price discovery. On the real (parallel) market, the rate is now over $240 against the US dollar. The economy is self re-dollarising and the local currency is losing value.  It can no longer be accepted as a medium of exchange or unit of account, and it is not possible to hold it as store of value. This is one instrument they have been projecting as a success.  The country is failing to attract foreign direct investment (FDI).
Due to eroding confidence, FDI that had peaked to US$785 million in 2018, dropped to US$194 million by 2020.  Half of the population is in extreme poverty — around 61% is food insecure. Our schools and hospitals are extremely underfunded and dependent on donors. We are witnessing serious brain drain and losing important human resources. We are in the middle of a migration crisis that only parallels movements from countries at war.  So, what is informing the government leading it to conclude that there is economic recovery?
</blockquote>
Mutasa suggested that upholding principles of good governance can save the situation.
More: <a href="https://www.newsday.co.zw/2022/01/zim-sliding-back-to-2008-crisis/">NewsDay Zimbabwe</a>

"We're Staring At The 2008 Situation" - Former ZCTU President

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