RBZ auction results; Mnangagwa fails to keep his promise on economic recovery, American economist

Prominent American economist Steve Hanke has implied that Zimbabwe’s President Emmerson Dambudzo Mnangagwa has failed to keep his promise on the country’s economic recovery.

Hanke says when President Mnangagwa came to power, he pledged to tackle Zimbabwe’s economic woes head-on, but six years later, Zimbabwe’s economy is still in the tank.

“Today, I accurately measure Zimbabwe’s inflation at a punishing 561%/year, the world’s highest.

He says with a soaring money supply (M2) growth rate of 649.4%/ year, it’s no surprise Zimbabwe is plagued with the highest inflation rate in the world.

Hanke adds that as of July 31, he measured Zimbabwe’s inflation at 572%/yr, pointing out that it’s time for Zimbabwe to officially dollarize.

Apparently, below is how the Zimbabwean dollar traded on the Reserve Bank of Zimbabwe foreign exchange auction.

Zwnews