(3 minutes read)
· Zimbabwe President Emmerson Mnangagwa, while speaking on the currency woes being faced by the country, put the blame on greedy
private sector and political detractors.
· Inflation in the southern African country reached a whopping 765.57% in April, while on the widely used parallel market the
Zimbabwe dollar has depreciated to 70:1 to the US dollar from 23:1 in January.
· The Zimbabwe dollar is pegged at 25:1 against the greenback, officially.
Zimbabwe President Emmerson Mnangagwa, while speaking on the currency woes being faced by the country, put the blame on greedy private sector and political detractors.
Inflation in the southern African country reached a whopping 765.57% in April, while on the widely used parallel market the Zimbabwe dollar has depreciated to 70:1 to the US dollar from 23:1 in January. The Zimbabwe dollar is pegged at 25:1 against the greenback, officially.
According to the president it was the work of profiteering the private sector that is manipulating the situation to serve their purpose. However, economists blame the situation on the reluctance of the government machinery to introduce a market based foreign exchange trading system. Efforts to halt the Zimbabwe dollar tumble by freezing suspicious accounts and putting in place transaction limits on national payment systems have all come to a naught.
