Dr John Panonetsa Mangudya
Inflation is a monster many Zimbabweans would like to forget, especially after the losses that resulted from the tumult in 2008.
Inflation is when the prices of goods and services increase over a measured period.
There are four main types of inflation categorised by their speed creeping, walking, galloping and hyperinflation.
When (annual) inflation rises to 10 percent or more, it wreaks havoc on the economy. Money loses value so fast that business and employee income cannot keep up with costs and prices.
Zimbabwe’s inflation scourge wiped out lifetime savings for some people, most of whom have not been able to recover from their losses.
Zimbabwe: Better Year for Zim s Industry
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RBZ clarifies use of USD
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RBZ clarifies use of USD
Golden Sibanda
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has explained the use of US dollars in the country, including value and legal status of the virtual form of the greenback.
This comes as the central bank has engaged banking institutions to ensure there are no gridlocks in the settlement and clearing of all foreign currency transactions in the country.
Dr Mangudya told delegates at the Zimbabwe National Chamber of Commerce (ZNCC) conference last week that the apex bank and the Bankers Association of Zimbabwe (BAZ) were seized with the matter.
Zimbabwe adopted a US dollar dominated multicurrency regime in February 2009 to ensure stability when hyperinflation ravaged the local currency, rendering it worthless after inflation peaked at 231 million in July 2008.