Zimbabwe adopts acclaimed world economist’s advice after 14 years

Veteran and world acclaimed economic analyst Steve Hanke believes the country should put in place strong economic measures to prosper financially.

Hanke who has been calling the Harare administration to abandon the local currency, says at least the country has seen the need for a currency board.

“In the face of surging inflation, Zimbabwe is finally considering the establishment of a currency board as he has always suggested.

“Fourteen years after I first proposed this one, Zimbabwe is considering establishing a Currency Board.

“In this week’s inflation table, Zim takes the 1st spot.

“On Aug 11, I measured Zimbabwe’s inflation at 487%/yr. If properly designed, a currency board would smash Zimbabwe’s inflation,” he said recently.

Meanwhile, the country’s economy is not performing well with the local currency losing its purchasing power on a daily basis.

The government through the Reserve Bank of Zimbabwe recently introduced gold coins as a measure to store value, however the move has been labelled a corruption vehicle.

Zwnews