Renowned American economic analyst Professor Steve Hanke says the country’s local currency Zimbabwe Gold (ZiG) has depreciated by forty-nine percent since January this year.
He says this makes it the third weakest currency world.
“ZIMWatch🇿🇼: The ZiG has depreciated by ~49% against the USD since Jan 1st.
“That makes the ZiG the 3RD WORST currency IN THE WORLD on this week’s Hanke’s #CurrencyWatchlist.
“Pres. Mnangagwa‘s DE-DOLLARIZATION = DELUSIONAL,” he says.
Apparently, prominent Zimbabwean economist Professor Gift Mugano concurs that ZiG is losing its purchasing power.
He blames it on the Zimbabwean government’s policy inconsistence:
“BREAKING NEWS!!! GOZ’s own policies took Mr ZiG aka Mr Strong to the graveyard of previous currencies [ZWD, Bond note, USD, RTGS, ZWL, etc.”
This is the result one gets when they introduce a currency without first putting the right fundamentals in place.
Zwnews
