Worried Zimbabwean parliamentarians have summoned Finance minister Mthuli Ncube to appear before them to explain the deteriorating economic situation in the country.
The country’s economy is nosebleeding with inflation on an upward spiral.
Renowned economist Steve Hanke says the country should dump the local currency and dollarise full throttle.
“In this week’s inflation table, Zimbabwe takes the 1st prize.
“On April 28, I measured Zimbabwe’s inflation at 207%/yr. More than 3x the official inflation rate of 61%/yr.
“It’s time for Zimbabwe to dump the Zimbabwean Dollar & officially adopt the USD,” he says.
On a positive note, Zimbabwe Stock Exchange’s market capitalisation grew by $1,8 trillion to $3,79 trillion in April, as demand for stocks escalated amid renewed inflationary pressures in the southern African economy.