A USA applied economist, Professor Steve Hanke has advised the government of Zimbabwe to redollarise so as to deal with the soaring inflation.
Hanke posted on Twitter projecting that Zimbabwe’s year on year inflation to be currently at 562%. He posted:
As #Zimbabwe welcomes a new decade, it MUST take drastic measures to ensure that this decade isn’t a repeat of the last. First & foremost it must dump its dysfunctional new Zim dollar & replace it with the US dollar. By my measure, #inflation today is 562%/yr.
His remarks come when Zimbabwe last year banned the use of all foreign currencies for domestic transactions.
Authorities through Statutory Instrument 142 of 2019 reintroduced the Zimbabwe dollar which had been ditched a decade ago and made it the sole legal tender in the country.
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