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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