Instead of focusing on rebuilding the country after years of state capture, we were distracted by a sideshow, writes Mandy Wiener.
Mostly sunny. Mild.
Zimbabwe is now a hyperinflation economy, according to the Public Accountants and Auditors Board, which is mandated to regulate auditing and accounting standards in the southern African country.
A top business body, the Zimbabwe National Chamber of Commerce, said on Tuesday industry was ready for the new bank notes Finance Minister Mthuli Ncube says will be introduced soon - although a top economist argues that the struggling southern African country is not yet ready for a substantive currency of its own.
Zimbabwe will defer publication of year-on-year inflation until February next year due to the change in the currency regime, Finance Minister Mthuli Ncube told Parliament on Thursday.
The decision by the Zimbabwean government to abolish the use of foreign currency for local transactions is welcome, but could have been implemented better, say analysts and various sectors of the business community.
The country is experiencing its worst economic crisis in a decade, recalling days of hyperinflation under Robert Mugabe.
Zimbabwe’s finance minister responded to the country’s worsening economic crisis last week by blacking out inflation statistics for the next six months, boosting the price of the little power that’s available five-fold and admitting what the International Monetary Fund told him in April: the economy will contact for the first time since 2008.
Zimbabwean businesses have started to reduce prices of services and commodities following threats issued by President Emmerson Mnangagwa that the government would be taking measures to enforce price reductions.
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