Business Briefs

WATCH: ‘Biti knows nothing, he destroyed the economy’ – Prof Mthuli Ncube

FINANCE and Economic Development Minister Professor Mthuli Ncube has lambasted former Treasury boss Tendai Biti saying the MDC Alliance legislator is completely misinformed and is out of touch with economic fundamentals.

Ncube claimed that Zimbabwe’s banking sector currently holds US$1.5 billion in hard cash whereas, during Biti’s time as Finance Minister, the local banks held only US$40 million.

Biti served as Finance Minister between 2009 and 2013 and he regularly rubbishes nearly every economic policy that Mthuli Ncube implements.

The former African Development Bank Vice President said the last time the Zimbabwean economy held so much US dollar liquidity was in 1996 when the current President Emmerson Mnangagwa was Finance Minister.

In particular, Ncube said Biti’s call for a full dollarization is poor economics as the use of the US dollar makes local industries uncompetitive and unable to export.

Ncube said he has done the exact opposite of what Biti did and there is evidence to show that what is being done now is exactly what the doctor has ordered as there are more locally manufactured goods on shop shelves than was the case during the Government of National Unity (GNU) era.

Watch Ncube speak in this short clip by ZiFM Stereo radio station:

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