Panic buyers to incur heavy loses: Mthuli Ncube

Finance and Economic Development Minister Professor Mthuli Ncube has said consumers and retailers resorting to panic buying and speculative activities are likely to incur heavy loses.

In an interview with  State Media  from Bali Indonesia, Prof Ncube said the price hikes recently experienced by the market are temporary as the economy adjusts to the new policies.

“Ordinary Zimbabweans should not go into panic buying of goods and commodities, as prices will drop and they will lose money. Likewise, wholesalers and retailers should not hoard goods in anticipation of obtaining higher prices in future. They will incur loses. I urge everyone to be patient. We will turn around the fundamentals of the economy through various measures contained in the Transitional Stabilisation Programme,” he said.

 

“The interventions that I have put in place are designed to restore fiscal equilibrium and general macro-economic and monetary sector stability. This will then create the right environment for growth. The price shocks are temporary but inflation will stabilise as the markets finds equilibrium again.

“Sometimes bitter medicine causes the patient some discomfort as they swallow it. As a country, we have to take the pain early enough so that by year two of the reform agenda, we will have completed the bulk of reforms enunciated in the Transitional Stabilisation Programme.”