Zimbabweans coin new name for ZiG as year to year inflation hits 2,148%

Renowned American economic analyst Steve Hanke says Zimbabwe’s inflation remains the highest in the world.

He believes this is not sustainable, and maintains that the answer is to fully dolarise.

“#ZIMWatch??: In Harare, locals have deemed a new name for the ZiG: “Zimbabwe I Gehenna.” It translates from Shona to “Zimbabwe is hell”.

“Today, I measure inflation in Zimbabwe at 2,148%/yr. That’s the WORLD’S HIGHEST INFLATION RATE,” he says.

Prominent economic analyst Dr Gift Mugano agrees with Hanke says as long as the economic fundamentals are not attended to, the local currency is bound for failure.

He says the Zimbabwean government must produce market driven policies not command driven policies.

It must ensure policy consensus with all stakeholders in the policy implementation ecosystem is key.

He condemns the government’s clamp down on foreign currency dealers.

“Use of force or crackdown remarkably failed in the past & is always guaranteed to fail,” he says.

Zwnews