Acclaimed economist and currency expert, Steve Hanke, who is a professor of Applied Economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the Johns Hopkins University has reiterated that Zimbabwe should dollarize completely and stop using pseudo currencies such as the bond note. After the fall of former president Robert Mugabe last year, Hanke advised President Emmerson Mnangagwa not to print money through the RTGS system and the issuance of Treasury Bills (TBs) to allow the country’s economy to recover. Commenting on the recent foreign currency shortages which have resulted in a shortage of drugs, Hanke said,
In Zimbabwe, excessive government control combined with an incompetent central bank equals havoc. RBZ has taken over the allocation of foreign currency to buy goods, leading to essential drug shortages. Drop the new Zim dollar (read: fake dollar) and dollarize…Panicked Zimbabweans have resorted to hoarding essential goods, as there is no public trust in the RBZ to handle macroeconomic policies. With inflation, by my measure, hovering around 50% per yr., I feel the Zimbabwean’s pain.
Back in December 2017, Hanke said,
…To deliver, Mr Mnangagwa must prohibit the issuance of New Zim dollars. The dollarization rules followed by the unity government should be restored. Mr Mnangagwa should also announce that private enterprise is Zimbabwe’s future.
Related,
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Zim Should Say No To Foreign Aid, Stop Printing Money, Follow Dollarisation Rules To Succeed: Prof Steve Hanke
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Zim’s Annual Inflation Is Actually 69.9 Percent, Not 4.8 Percent: Prof Steve Hanke
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The only way is to take decision making and accountability out of the current regimes hands .They are Corrupt and Incompetent .They all have doctorates in Theft .Disgusting that they have ruined a perfectly good country that was handed to them on a Silver platter
I agree with the professor indeed zimbabwe needs to dollarize because the bond note long term causes have already began inflation is creeping back in at a fast rate than expected
Zim seriously need capable leaders who works the professional way NOT the military or zanu pf way… Stop printing papers and fool your self in bilieving that a printed bond paper equals USD