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BY TAURAI MANGUDHLA FORMER legislator and Monetary Policy Committee member Eddie Cross has made sensational claims that the Reserve Bank of Zimbabwe (RBZ) was printing $1 billion weekly mainly to buy gold. At the official rate of around 82, this translates to about US$12,2 million weekly and about US$635 million annually. This brought into sharp focus the central bank’s transparency and accountability at a time the government claimed to have stopped its printing press which dragged the country into an unprecedented hyperinflationary environment around 2008. “We have shown that at the RBZ research there is a direct correlation between money supply and the exchange rate and I think that until we stop printing money for various reasons …we print money mainly to buy gold, we print a billion (Zimbabwean dollars) a week,” Cross said in his presentation during an online Big Debate Series, Zimbabwe 2021 Economic Prospects, hosted by Alpha Media Holdings. NewsDay made an attempt to seek further clarification from Cross who said not the entire $1 billion was printed as part of it could be existing resources although he had no information on the standard operating procedure. In 2020, Cross said the RBZ required about $45 billion on top of US$800 million to buy gold. Cross, however, defended the move, saying it didn’t really cause inflation as the money was used to buy an asset easily converted to hard currency as opposed to financing debt. Central bank chief John Mangudya dismissed Cross’ claims. “What I think he meant was that we purchase forex from the market in an amount of $1 billion per week for sale to the auction system,” Mangudya said. “So its net effect is zero on the increase in money supply.” During the debate, other panellists took turns to criticise Finance minister Mthuli Ncube's 7,4% gross domestic product (GDP) growth forecast for 2021 as well as inflation performance which was largely described as ambitious in the face of the COVID-19 pandemic. Economist and Africa Round Table Forum chief executive Kipson Gundani said despite positive prospects in mining and agricultural sectors, a serious downside exists on the consumption side because of the COVID-19 pandemic-induced lockdowns. “Most entities that rely on domestic driven consumption will suffer a huge knock in 2021,” he said, adding that the economy would grow by 3% at most. He said the 135% annual inflation average could be achieved on the back of depressed local demand due to dwindling disposable incomes. “I think COVID-19 will become a very huge determinant when it comes to GDP and inflationary development,” Gundani said, warning that a managed exchange rate would lead to some point of explosion. Institute of Chartered Accountants of Zimbabwe chief executive Gloria Zaravanhu said achieving economic growth above 3% would be a tall order due to depressed demand and limited budgetary support as well as water and power shortages. Zaravanhu said tax revenues would be affected by a growing cash economy that was largely dealing in foreign currency and evading tax
The president also stressed the importance of keeping the economy open after months of stifling movement restrictions.
He urged citizens not to drop their guard and continue adhering to the health rules, such as wearing face masks and respecting curfew times.
South Africa has recorded just over 800,000 coronavirus infections - more than a third of the cases reported across the African continent - and over 20,000 deaths.
AFP
George William Crockett Jr. was born in Jacksonville, Florida, on August 10, 1909 to George William Crockett Sr., and Minnie Amelia Jenkins. His father was a Baptist minister and railroad carpenter and his mother was a Sunday School teacher and poet. Crockett grew up in Jacksonville, attending public schools there until his graduation from Stanton High Schoo1 in 1927. He then graduated from Morehouse College in 1931 with a B.A. in history and the University of Michigan where he received his J.D. in 1934. Crockett was admitted to the Florida bar in 1934 and soon afterwards began his long career in politics.
In 1937 Crockett helped found the National Lawyers Guild, the first racially integrated bar association in the United States. Two years later Crockett became the first African American lawyer hired by the United States Department of Labor, where he worked on employment cases under the National Labor Relations Act. During World War II Crockett became a hearing officer for the Federal Fair Employment Practices Committee (FEPC). Keenly aware of racial segregation and discrimination in labor unions, Crockett, after leaving the Labor Department, became the director of the Fair Employment Practices Department of the International United Auto Workers (UAW) Union, 1944, a post that brought his return to Michigan.
In 1948 Crockett became a member of the legal team that defended eleven Communist leaders including Gus Hall, the head of the U.S. Communist Party, and former New York City Councilman Benjamin J. Davis, who were charged with violating the Smith Act. While defending his clients, Crockett and four other defense attorneys were sentenced by Federal Judge Harold Medina to the U.S. Penitentiary in Ashland, Kentucky for contempt of court. Crockett served four months in prison before being released in 1952. Soon after his release Crockett represented future Detroit Mayor Coleman Young who was investigated by the House UnAmerican Activities Committee.
In 1964 Crockett led a team of lawyers in Jackson,
Nairobi — Public transport in Uganda will resume on June 6 in new measures outlined by President Yoweri Museveni on Monday to relax a lockdown imposed in the country in coronavirus containment efforts.
Upon the successful issuance of masks, the public transport will resume in the country except in the districts along border points with neighboring countries, Museveni indicated.
At the same time, he noted that shops selling general merchandise will be opened except for those located in shopping malls, shopping arcades and food markets.
\"Once the issue of masks has been addressed, shops selling general merchandise will be opened except for those in shopping malls, food markets and shopping arcades.
\"We shall now not allow lorry drivers to enter the country until their results are out,\" he noted adding that testing at the borders will be expedited.
