ZIMBABWE: Finance Minister Optimistic As Inflationary Pressure Gets Tamed

Photo credit: Finance Minister Mthuli Ncube via Twitter

According to statistics agency, Zimtat; Zimbabwe’s economic atmosphere has taken a slight turn for the positive as the month-on-month inflation reduces as opposed to the painful increase in the year-on-year inflation which rose from 56.9 per cent in January to 59.4 per cent in February.

The price of goods and services in the country have dropped by 1.6 per cent a month-on-month in February, down from 10.8 per cent in January.

Finance Minister Mthuli Ncube, relayed his optimism for the country’s economy while pointing out that the downslide maintained by the month-on-month inflation reflects that his policies and reforms to rehabilitate the economy is reflecting.

He stated that “It is vital that economic agents, investors, consumers, and indeed policymakers focus their attention on month-on-month inflation developments later that year-on year”

He further added that “Monthly inflation in Zimbabwe falls dramatically to 1.7 per cent in February 2019, compared to 10.8 per cent in January 2019. As projected in the economic reform programme, the transitional stabilisation programme, monthly inflation should continue on a downward trend as reforms kick in,”

The minister in his Twitter feed pointed out that the Zimbabweans can see the effect of their tax. He further added that “The ministry of finance has released $50million for Emergency and Infrastructure Restoration after cyclone Idai-induced flood, destruction, and infrastructural damages across Zimbabwe”.

According to reports, the development is due to the increase of USD 0.05 per transaction to USD 0.02 for every dollar transacted in electronic transfer tax introduced in October last year.

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