The country’s biggest telecommunications company by market capitalisation and subscriber base Econet Wireless has hiked its service tariffs.
In a notice to its consumers, Econet Wireless said it is reviewing its tariffs in local currency Zimbabwe Gold (ZiG), effective 9 October 2024.
“Dear Customer. We are reviewing our ZWG Voice, Data & SMS Prices, effective 19 October 2024. Visit https://www.econet.co.zw/tariffs-zwg for more info,” read the notice.
The move comes at the time the local currency is losing its purchasing power on a daily basis.
Apparently, inflation has been on a rampage due to a host of factors including the rise in Money Supply (M2).
Renowned American economic analyst Professor Steve says M2 is at 246 percent per year.
“Hanke ZIMWatch Zimbabwe’s money supply (M2) continues to SOAR at 246%/yr.
“It’s no surprise that, today, I measure Zimbabwe’s inflation at a SKY-HIGH 1266%/yr — THE HIGHEST IN THE WORLD.
“Zimbabwe’s economy = OUT OF CONTROL,” he says.
Recently, the Reserve Bank of Zimbabwe was forced to devalue the currency, after the skyrocketing rates on the back market.
Zwnews
