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American economist Professor <a href="https://www.pindula.co.zw/Steve_H._Hanke">Steve Hanke</a> has declared Zimbabwe’s currency as the weakest in the world adding that the southern African nation has the highest inflation rate globally. According to Hanke’s currency watchlist, on January 12, 2024, the Zimbabwe dollar traded at ZWL$12,500 per US$1 and had lost 92% of its value since January 1, 2023.
<img alt="" class="wp-image-269804 aligncenter" decoding="async" height="326" loading="lazy" sizes="(max-width: 451px) 100vw, 451px" src="https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-300x217.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-300x217.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist-768x556.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2024/01/Steve-Hanke-currency-watchlist.jpg 936w" width="451"/>

<ul>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/12/29/zimbabwe-experienced-a-sharp-increase-in-food-inflation-in-december/">Zimbabwe Experienced A Sharp Increase In Food Inflation In December</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/11/27/zimbabwes-month-on-month-inflation-jumps-to-4-5-in-november/">Zimbabwe’s Month-on-month Inflation Jumps To 4.5% In November</a></li>
<li class="text-4xl border-b-2 border-[#e8e9ea] tracking-tight pb-4 font-bold pt-4"><a href="https://www.pindula.co.zw/2023/11/10/economist-mugano-calls-for-frank-discussion-on-zimbabwes-inflation-exchange-rate-currency/">Economist Mugano Calls For Frank Discussion On Zimbabwe’s Inflation, Exchange Rate, Currency</a></li>
</ul>
Journalist <a href="https://www.pindula.co.zw/Hopewell_Chin'ono/">Hopewell Chin’ono</a> responded to Hanke’s report, stating that it vindicates his previous statements about the poor state of the Zimbabwean currency. Chin’ono argued that Zimbabwe has become the riskiest place to invest in Africa, with an unemployment rate of 95%. He emphasised that the significant depreciation of the Zimbabwean dollar is an undeniable economic fact, reflecting the country’s overall economic performance.
Chin’ono attributed the economic challenges to corruption, incompetence, inconsistent policies, lack of the rule of law, misuse of state institutions, and failure to attract investment. Consequently, Zimbabweans have lost trust in the government, leading them to bank their savings in other countries or keep them hidden to protect against institutional corruption. He said:
<blockquote>
The Zimbabwean dollar lost 92% of its buying power in the last 12 months making it the weakest currency in the world, this is not an opinion, this is an economic fact backed up by data. A currency is a direct reflection of how a country’s economy is performing, as the Ghanaian Vice-President Dr Mahamudu Bawumia famously said; “…when in doubt (of how the economy is performing), check the currency.” We can’t run away from the fact that economic indicators such as inflation rates and currency strength or weakness are critical reflections of a country’s economic performance. So naturally the economic challenges faced by Zimbabwe as reflected in the weakening currency and high inflation indicate deep underlying economic issues…
This explains why Zimbabweans mostly bank their savings in South Africa and those who can in Europe and America, they have correctly lost trust in the Government. Those who can’t travel bank it under the pillow to avoid losing it to institutional corruption. Our country is now in the top ten worst governed countries, it is also now officially the riskiest country to invest in Africa according to global risk assessment economic organisations, even riskier than African countries at war. The average Zimbabwean doesn’t keep their hard currency in the bank for fear of losing it simply because the trust between the governing authorities and the citizens broke down after two cycles of citizens losing their savings and pensions in Zimbabwean banks due to corrupt government policies.
</blockquote>
In addition to economic challenges, Zimbabwe struggles with issues such as cholera outbreaks, inadequate healthcare facilities, and the imprisonment of critics and political opponents. Chin’ono highlights the government’s tendency to deflect blame onto external factors like sanctions while ignoring internal issues such as the smuggling of gold by ZANU PF elites and their associates. He says Zimbabwe has transformed into a “mafia state” and unless fundamental changes occur, economic recovery will remain elusive.
The Zimbabwe dollar has a turbulent history. It replaced the Rhodesian dollar when Zimbabwe gained independence in 1980. Initially, it had a similar value to the US dollar. However, economic problems led to excessive money printing and high inflation. In 2008, hyperinflation hit, making the Zimbabwe dollar almost worthless. To stabilise the economy, then-Finance Minister <a href="https://www.pindula.co.zw/Patrick_Chinamasa/">Patrick Chinamasa</a> introduced the multi-currency regime in 2009. However, in June 2019, the Zimbabwe dollar returned as the main currency. The government stated that it was equivalent to the United States dollar. Yet, it faced ongoing challenges, with high inflation and loss of value. Today, it’s considered the weakest currency globally, struggling to regain stability and trust.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

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Zimbabwe Has The Weakest Currency And Highest Inflation In The World - Professor Hanke

According to American economist Professor Steve Hanke, Zimbabwe currently holds the highest inflation rate in the world. Hanke asserts that as of August 10, 2023, Zimbabwe’s inflation stood at 685% per year.
Hanke’s measurements consistently exceed the official rates provided by authorities, which he alleges are manipulated. He said:
<blockquote>
#ZIMWatch: As of August 10th, I accurately measure Zimbabwe’s inflation at 685%/yr. That’s the WORLD’S HIGHEST INFLATION RATE.
<img alt="American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World" class="alignnone size-full wp-image-262100" decoding="async" height="1058" loading="lazy" sizes="(max-width: 1080px) 100vw, 1080px" src="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg 1080w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-300x294.jpeg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-1024x1003.jpeg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-768x752.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-60x60.jpeg 60w" width="1080"/>
</blockquote>
In July, the Zimbabwe National Statistics Agency (ZIMSTAT) reported an annual inflation rate of 101.3% for July 2023, down from 175.8% in June 2023.
Hanke previously claimed a measurement of 1298% per year for Zimbabwe’s inflation in June, which was over 15 times higher than ZIMSTAT’s official rate of 86.5% per year announced in May. He suggested that Zimbabwe was undergoing its third hyperinflation episode in 15 years.
ZIMSTAT also indicated that the month-on-month inflation for July saw a significant decrease of 89.8 percentage points, reaching negative territory at -15.3% compared to June’s 74.5%. ZIMSTAT calculates inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In May 2023, ZIMSTAT reported an increase in month-on-month inflation to 15.7%, surging by 13.3 percentage points from April’s 2.4%. Year-on-year inflation rose to 86.5% in May, up from 75.6% in April, according to ZIMSTAT’s data.
The disparity between Steve Hanke’s inflation figures and those released by the Zimbabwean government may arise from their differing measurement methodologies. Hanke focuses on measuring inflation separately for the Zimbabwean dollar and the US dollar, while the government employs a method called <a class="MarkdownLink_linkifiedLink__KxC9G" href="https://www.pindula.co.zw/2023/03/03/govt-adopts-blended-inflation-rate-based-on-usd-zim-dollar/">Blended inflation</a>. Blended inflation takes into account both foreign and domestic currencies in circulation.
Hanke’s approach of separately measuring the inflation rates for each currency may capture fluctuations and distortions more accurately, especially considering Zimbabwe’s complex monetary landscape. On the other hand, the government’s use of Blended inflation provides a comprehensive view by considering the combined impact of both currencies on the overall inflation rate. However, this method can mask the impact of inflation on specific sectors of the economy, leading to controversy.
Former <a class="MarkdownLink_linkifiedLink__KxC9G">Finance Minister</a> Tendai Biti early this year challenged the current Minister Professor Mthuli Ncube to explain the use of blended inflation, calling it <a href="https://www.pindula.co.zw/2023/03/08/blended-inflation-rate-is-pure-undiluted-heresy-biti/">“pure, undiluted heresy.</a>” He argued: 
<blockquote>
In economics, inflation is a measurement of the rise in prices and only one currency is used, whether USD or RTGS or local currency, and you cannot mix currencies.
</blockquote>
Biti said Ncube should appear before the esteemed House to provide a detailed explanation of the origin of the currency mixing that comprises RTGS and US dollars.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World

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. <a href="https://twitter.com/steve_hanke/status/1670514970419707904">He wrote</a>:
<blockquote>
#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.
</blockquote>
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: <a href="https://www.pindula.co.zw/">Pindula News</a>

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

A UN video is circulating on social media showing some dry areas in rural Zimbabwe. Economics Fundi Professor Steve Hanke captioned it “the land that was once the breadbasket of Africa is now barren”
<blockquote class="twitter-tweet">
“This land, that was once the breadbasket of Southern Africa, is now barren.” After years of a <a href="https://twitter.com/hashtag/socialist?src=hash&amp;ref_src=twsrc%5Etfw">#socialist</a> economy, famine, starvation, and despair run rampant in <a href="https://twitter.com/hashtag/Zimbabwe?src=hash&amp;ref_src=twsrc%5Etfw">#Zimbabwe</a>. <a href="https://t.co/wgK02TfXt9">pic.twitter.com/wgK02TfXt9</a>
— Prof. Steve Hanke (@steve_hanke) <a href="https://twitter.com/steve_hanke/status/1202250789579874309?ref_src=twsrc%5Etfw">December 4, 2019</a></blockquote>
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WATCH: "The Land That Was Once The Breadbasket Of Africa Is Now Barren"

Renowned economist and currency expert, Professor Steve Hanke of Johns Hopkins University in Baltimore in the United States has criticised the government’ decision to introduce a 2 percent tax on all money transfers. Hanke who is a professor of Applied Economics and co-director of the Institute for Applied Economics, Global Health, and the Study of Business Enterprise at the university, said that Finance Minister Mthuli Ncube’s decision to introduce the tax shows that the government is desperate and did not think things through as the policy will harm business. Writing on Twitter, Hanke said
<blockquote>Zimbabwe’s new 2% tax on all money transfers reveals more than the tax. It’s a sign of a desperate government acting without thinking. This tax will only cause more private sector panic and further loss of confidence. The last thing Zim needs is more government involvement in the economy.</blockquote>
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
Zimbabwe's new 2% tax on all money transfers reveals more than the tax. It's a sign of a desperate government acting without thinking. This tax will only cause more private sector panic &amp; further loss of confidence. The last thing Zim needs is more gov involvement in the economy
— Prof. Steve Hanke (@steve_hanke) <a href="https://twitter.com/steve_hanke/status/1049645658523754496?ref_src=twsrc%5Etfw">October 9, 2018</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
Hanke also accused the country’s monetary authorities of data manipulation after Ncube rebased the country’s economy and <a href="https://news.pindula.co.zw/2018/10/05/mthuli-ncube-says-economy-is-bigger-than-we-think-rebases-gdp-from-us18-billion-to-us25-8-billion/" rel="noopener" target="_blank">grew it by 40 per cent saying that it was much bigger than people thought</a>. Said Hanke,
<blockquote>Now official data show Zimbabwe economy to be 40% larger than it was. For a government that claims Zimbabwe inflation is 4.83%/ year, when I measure it at 58.7% so far this year, the rebasing exercise is yet another example of a government playing fast and loose with data.</blockquote>
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
Now official data show Zimbabwe econ to be 40% larger than it was. For a govt. that claims Zim’s inflation is 4.83%/ yr, when I measure it at 58.7% so far this yr., the rebasing exercise is yet another example of a govt. playing fast &amp; loose with data <a href="https://t.co/RMN1mCrvpC">https://t.co/RMN1mCrvpC</a>
— Prof. Steve Hanke (@steve_hanke) <a href="https://twitter.com/steve_hanke/status/1049306168848465920?ref_src=twsrc%5Etfw">October 8, 2018</a></blockquote>
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