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"Mnangagwa Leading Zimbabwe To Ruins", Hanke Claims Inflation Is Now 1 298%

1 year agoMon, 19 Jun 2023 11:51:08 GMT
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"Mnangagwa Leading Zimbabwe To Ruins", Hanke Claims Inflation Is Now 1 298%

Professor of applied economics at the Johns Hopkins University, Steve Hanke, says Zimbabwe’s year-on-year inflation has reached 1 298 percent as the Government refuses to abandon the Zimbabwe dollar.

The local currency, which was trading at US$1: ZWL$2 577 on 30 May 2023, had moved to US$1: ZWL$5 978 on 13 June at the Reserve Bank of Zimbabwe (RBZ) controlled forex auction.

Posting on Twitter, Hanke said President Emmerson Mnangagwa’s Government is leading Zimbabwe to “ruins” by insisting on the use of the valueless Zimbabwe dollar. He wrote:

#Zimbabwe’s Pres. Mnangagwa is giving a masterclass in economic stupidity and corruption.

With annual inflation at a whopping 1 298%/yr, he continues to try to push Zimbabweans to use the Zim dollar. He is leading Zim to ruins.

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However, Hanke’s measurement of Zimbabwe’s rate of inflation is problematic as he seemingly only considers prices in Zimbabwe dollars, yet around 30% of transactions are conducted in the local currency, with the US dollar now dominant.

The Zimbabwe National Statistics Agency (ZIMSTAT), which measures inflation in the country, considers prices in both ZWL and USD to come up with a blended rate of inflation.

In May 2023, ZIMSTAT said the country’s month-on-month inflation rose to 15.7% after gaining 13.3 percentage points on the April 2023 rate of 2.4%.

The year-on-year inflation rose to 86.5% in May from 75.6% in April, said ZIMSTAT.

More: Pindula News

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21 Comments

K · 1 year ago
I need someone who got big amounts of RTGS and wants USD
Anonymous · 1 year ago
So no auction rate this week ????
Ben · 1 year ago
But gold mafia thriving
Anonymous · 1 year ago
Team Varakashi ve Masvingo taking Zimbabwe 🇿🇼 back to Masvingo Ruins. Zanu pf chiororo
Anonymous · 1 year ago
ZWL$/BOND/RTGS mamvemve hapana chigamba chinoita kana kukwana....
· 1 year ago
Chigamba chiri pamusoro pechigamba.
imini · 1 year ago
president manyamaaaaaa
Dr hannibal lecter · 1 year ago
manyama pakuloota
KG · 1 year ago
HANKE LEAVE US ALONE. WE HAVE NEVER COMMENTED ON BRITISH ECONOMY WHAT RIGHT HAVE YOU TO SIT ON OUR TAIL? WHETHER WE SINK OR FLOAT IT HAS NOTHING TO DO WITH YOU. JUST GET OFF OUR BACKS AND PLEASE LET US DECIDE OUR OWN DESTINY. WE CAME A LONG WAY WITHOUT YOU .THIS IS NOT AND WILL NEVER EVER BE A BRITISH COLONY AGAIN. LEAVE ED ALONE WE KNOW YOU CRAVE FOR A PUPPET TAKEOVER IN ZIMBABWE WHICH WILL NEVER HAPPEN. ZANUPF WILL RULE FOREVER.
Hokage · 1 year ago
haa Futs.eke , came a loong way kudii? that statement is only true if you're referring to going backwards, you have failed you stu.pid blacks have failed , just as Ian Smith said , PATHETIC ! ndirini I would have tried by all means to prove Smith Wrong but you failed dismally muchi decider DESTINY mmm ndeyipi Destiny yaurikuda next KG ? YOU HAVE FAILED and you're too full of shi.t to admit it , all you do is point fingures , pathetic!! look at you , so oblivious you think things will change , you're day dreaming about living in an all glass penthouse in 2030 , haha , by 2030 you'll be eating stillbirths.. you're soo full of propaganda.
Yoyoyo · 1 year ago
😁😁 ED chaanongogona kukwira Auxilia and his small houses. Hapana zva President apa he is a clown and a psychopath.
Zuze · 1 year ago
Beware Patriotic Act. His Most Royal Highness, Son of God, Commander-in-Thief, Chancellor of All State Universities, Revered Husband of Dr. Akusiriya Munangarwa (Ph.D Mufushwa), The Gold Mafia Godfather, Looter-in-Charge, Owner and President of Dzimbagwe, First Secretary and President of ZANU and The Very Reverend Father of All-Apostolic-Sects in Dzimbagwe cannot be referred to as 'a clown' while he is sitting with a Crown on his Most Royal Ar.se wielding Tsvimbo yaGabrona. Failure to use all his honorifics can and will cause the offender liable to 18 years with hard labour without trial at Chikurubi's Five-Star Hotel, with no option of a fine.
Dr hannibal lecter · 1 year ago
the professor is wrong. I calculated inflation ratw to be 1306 percent. we doomed. it will be 1500 by Friday. vote for zanu so that they continue to loot and we remain happy using free pindula
aleck · 1 year ago
Akundikana vanongoonekwa ega uchipinda maTm na OK
CIO Harare Province · 1 year ago
asi nhayi iwe professor Hange une maroots emuno hr y u always talking about zim ukuda praz rako hr manje land is not reversible
APOLO · 1 year ago
thus why we never progress as a nation because of the likes like you, his simple raising a economic crake down alarm. As means for the high authority to come up with solutions that will drive the economy back to it's stability. sentiments like this shows literacy ignorance
kazekage · 1 year ago
😀😀😀 muface uyu haaa funge @sorojena
Anonymous · 1 year ago
Iwe Harare province ndimi murikudya muchiguta not everyone.in Zim are like you. That's why normal people vachiona zvirikuitika muzimbabwe. Daivanhu even munangagwa achiita zvirikuitawo anaZambia munoti paaifa nenzara here. Tarisai Botswana from most of African ndiyo nyika chete vanovota every 4 or 5 years president wavo chiona kuti Botswana irikubudirira sei. No Chinese and most of these countries are going to loot their diamonds. Vanahwendi munonetsa kunzwisisa. Vhurai meso OH SORRY NDIMI MAGOLD MAFIA ACHO.
Sorojena · 1 year ago
Mthuli 's PhD policies are failing, goldmafianomics are now running the country
@@@ · 1 year ago
the economy is not riggable

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