The country’s inflation, which shot through the roof months ago is now flying towards the sky at terrible speed after Zimbabwe’s biggest security company, Fawcett, sent out a letter informing its clients that their next installment has gone up by 119 percent.
Zimbabwe is now in hyperinflation, and the local currency, the Zim Dollar, has become worthless, with one US Dollar fetching ZW$42,000 on the Blackmarket this afternoon.
Apparently, renowned American economic analyst Steve Hanke who known for tracking troubled currencies world over is on record calling on the Zimbabwean government to fully dolarise.
However, the President Emmerson Dambudzo Mnangagwa’s administration is adamant that it will not dump its local currency.
Zwnews
