LEADING THE PACK: Zimdollar’s horrible performance persists

The Zimbabwean dollar, Zimdollar continues to lead the pack in the wrong direction when compared to major convertible currencies world over.

The country still has the highest inflation rate globally, according to renowned American economic analyst Steve Hanke who has a track record of monitoring world economy.

As noted by experts, this further points to a badly led and managed country.

Despite an abundance of natural resources, especially minerals and agricultural land, Zimbabwe is an impoverished nation.

Independent economic experts say the nation’s annual inflation is now 1 605%, and there is no relief on sight.

Officially, annual inflation rose for the fourth month to 47.6% in February 2024, the highest in over a year, from 34.8% a month before.

The acceleration in overall inflation is largely due to the continued depreciation of the Zimbabwean dollar against base currencies, benchmarked by the United States dollar.

The domestic currency has lost almost two-thirds of its value on the official market since the year began.

Monthly, consumer prices rose by 5.4% in February, after a 6.6% increase in the previous month.

Newshawks