A few days after announcing plans to introduce the local Zimbabwean currency within the next 12 months, Protests over the state of Zimbabwe’s economy broke out today in the country’s capital Harare
The protest comes two days after Zimbabwe’s president; Emmerson Mnangagwa announced a 150% increase in fuel price to contain a currency crunch
Cash shortages have taken a toll on Zimbabweans, leading to widespread social unrest and undermining Mnangagwa’s efforts to win back foreign investors excluded under former President, Robert Mugabe.
Things might be taking a turn for the better in the next 9 months if the government successfully introduces its own currency which was abandoned in 2009 after it was wrecked by hyperinflation in favor of the dollar.
The government says the introduction of the Zimbabwean currency are part of efforts to address cash shortage in the South – African economy.
Economist say Finance and Economic Development Minister Professor Mthuli Ncube must address existing loopholes if his plans to introduce a local currency within the next 12 months are to succeed,
Inflation reached 31 percent in November, its highest since 2008 when the figure hit 500 billion percent
Government negotiators are due to hold a second round of negotiations with civil service unions planning a nationwide strike from Jan. 22 to press for U.S. dollar pay.
