More means less for Zimbabweans battling hyper-inflation

Published 2022년 7월 11일

Tridge summary

Zimbabwe is experiencing its highest inflation rate in the world, now at 191,6%, due to the Russian invasion of Ukraine and black market foreign exchange activities. This has led to a significant depletion of the Zimbabwe dollar's value and severe economic challenges for the population. As a result, staple foods have become scarce, and the cost of essential goods such as meat and chicken is beyond the reach of many. The economic crisis is causing widespread anxiety and mental health issues, with many blaming the government for the situation. In response, the Finance minister has announced several monetary policies, including maintaining the dual use of the US dollar and reintroducing the Zimbabwe dollar, but these measures are not accessible to the average citizen. The upcoming general elections in 2023 are shaping up to be a critical test for the ruling Zanu PF party, which has been in power since 1980.

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Original content

Source: More means less for Zimbos battling hyper-inflation – NewsDay Zimbabwe WITH runaway inflation eating into incomes, staple foods have vanished from the tables of Zimbabweans like Emina Chishangwe, who lives in a poor dormitory town south of the capital, Harare. “I can’t remember the time I ate meat. It has become a luxury for some of us,” said the 57-year-old single mother of two adult sons. Zimbabwe has the highest inflation rate in the world, according to Steve Hanke, a professor of applied economics at Johns Hopkins University, who believes it can only be remedied by the full adoption of the US dollar. The situation has quickly worsened this year as the Russian invasion of Ukraine compounded with black market foreign exchange has depleted the value of the Zimbabwe dollar. “The parallel market is to blame to a large degree for the spiralling inflation,” AgriBank chief economist Joseph Mverecha told AFP. Zimbabwe’s economy has been on a downturn for nearly two decades, ...

Source: Zimbabwesituation