Renowned world economist and professor of applied economics at Johns Hopkins University, Steve Hanke says Zimbabwe should abandon Zimdollar and officially adopt the US dollar to curb runaway inflation.
On Hanke’s Inflation Dashboard, Zimbabwe has the highest rate of inflation in the world at 244 per cent followed by Lebanon whose rate of inflation is 161 per cent.
According to figures released by the Zimbabwe National Statistics Agency (ZimStat) about a month ago, the country’s year-on-year inflation was 96.40 per cent. Lebanon’s official inflation rate is 208.13 per cent. Said, Hanke:
“In this week’s inflation table, Zimbabwe takes the 1st prize. On May 19, I measured Zimbabwe’s inflation at 244%/yr.
“Almost 3x the official inflation rate of 96.4%/yr. It’s time for Zimbabwe to dump the Zim Dollar & officially adopt the USD,” says Hanke.
However, the Zimbabwean Government, has ruled out making US dollar sole currency.
