Hanke calls Zim leadership arrogant, incompetent as ZiG falls 67% against US$

Renowned American economic analyst Professor Steve Hanke has labelled the Zimbabwean leadership as arrogant, corrupt and incompetent.

Hanke who is known in tracking the performance of world’s troubled currencies says since its inception the Zimbabwe Gold (ZiG) currency has depreciated by 67 percent against the American dollar.

“Since its adoption on April 8, 2024, the ZiG has depreciated by a STAGGERING ~67% against the USD.

“ZIM LEADERSHIP = ARROGANT, CORRUPT, & INCOMPETENT,” he says.

Apparently, ZANU PF apologist Kudzai Mutisi has urged the government to let the market determine the exchange rate as opposed to imposing it.

“Policing the market VERSUS Policying the market… WHAT WORKS??

“With the FIU having been busy all year POLICING the market, shouldn’t the
@ReserveBankZIM introspect & stop wasting time on unproductive activities?

“A market cannot reject its own exchange rate, it only rejects exchange rates IMPOSED by others… that “official exchange rate” isn’t market determined…

“It’s high time RBZ stops this thing of imposing exchange rates on businesses…. It’s killing businesses… Did Dr Mushayavanhu compensate businesses after devaluation?

“He wants to impose an exchange rate that he can devalue anytime/arbitrarily? This is totally an anti-business stance, dangerous and retrogressive,” he says.

Zwnews