Economic expert professor Steve Hanke has said that Zimbabwe needs to dollarise to alleviate inflation and assure growth.
Hanke’s remarks come when Zimbabwe’s economy is in the doldrums as witnessed by the soaring inflation, shortages in fuel, cash, foreign currency, electricity, medicines and food. Hanke said:
While Zimbabwe is not experiencing hyperinflation currently, Zim’s annual inflation rate is 286%\yr. As long as Zimbabwe continues to print its own money, it will remain in the grips of monetary madness. It must dollarise to crush inflation and assure growth.
Meanwhile, there are reports suggesting that the central bank, the Reserve Bank of Zimbabwe is mulling plans to print the local currency in a bid to address the cash crisis which is over three years old.
Earlier this year, the country issued Statutory Instrument (SI) 142 of 2019 which outlawed the use of all foreign currencies for domestic transactions. The SI also reintroduced the Zimbabwe dollar that was ditched a decade ago following a record high hyperinflation of 2008.
More: Nehanda Radio
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Stove the people that you are advising are deaf. If only they had listened to advise to do away with the bond note Zimbabwe could not be in this situation. It is a case of I know all, at one time I read an article which said Sims govt is better than the government of God in Heaven.
Such blasphemy is beyond human thinking . It is from atheists we hope God will soon intervene and set us free from this burden but before that we continue to suffer and to have praise singers singing for their supper.
That is untanable advise st this point in time. This government has an insatiable appetite for money, any money, including inked bond paper. Dollarising is suicide for it, all possible drainholes for US$ have been squeezed out like water from a cloth, and hung out to dry. They cannot be passengers drooling and watching business take over control of the economy. We are way past point of no return. Fortunately for zimbos, we need yo tighten up, brace up and prepare to go further down the dark alley, our only solution is deep down there. Something will snap. This is the only guaranteed and sure way ti break our chains. Lets pray the rollercoaster will be fast!!