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Home Economy

Zimbabwe to announce new measures to curb inflation

FurtherAfrica by FurtherAfrica
June 25, 2022
in Africa, Economy, Government, Zimbabwe
Reading Time: 2 mins read
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Zimbabwe President Emmerson Mnangagwa said his government will announce new measures Saturday targeting inflation and the soaring cost of basic commodities, the state-controlled Herald newspaper reported, without giving details of the steps.

The last economic measures Mnangagwa announced on May 7 led to a ban on all lending by banks, as they were blamed for fueling a collapse in the local currency. Annual inflation in the southern African nation rose to 132% in May — breaching triple digits for the first time in 10 months.

The price of basic goods including bread has soared, prompting the central bank last week to offer bakers access to foreign currency in order to curb increases. The energy regulator on Friday announced a second increase in a month in gas prices.

Also read: 4th exchange traded fund listed in Zimbabwe stock market

The Zimbabwean dollar has weakened 70% this year against the US dollar, making it Africa’s worst performing currency. The local unit officially trades at Z$355 per US dollar, but changes hands for between Z$500 and Z$670 on the parallel market, according to ZimPriceCheck.com, a website that tracks both the official and unofficial rates.

Related

Source: Bloomberg
Tags: commoditiesinflationzimbabweZimbabwe to announce new measures to curb inflationзимбабвеزيمبابويジンバブエ津巴布韦
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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