President Emmerson Mnangagwa has disclosed plans for the Reserve Bank of Zimbabwe (RBZ) and the Ministry of Finance to introduce a comprehensive set of new policies aimed at rescuing the nation’s severely weakened currency and addressing soaring inflation.
Mnangagwa made this announcement during the first Cabinet meeting of the year, where he outlined the primary agenda for the year ahead.
Zimbabwe’s economy has been grappling with a series of economic challenges since the early 2000s. Despite experiencing record-high inflation levels in 2008, the current inflation rate stands at 1,347% annually, making it the highest in the world, according to economist Steve Hanke.
In response to these issues, Mnangagwa stated, “The fiscal and monetary authorities will be implementing a range of policy measures to curb price hikes, stabilize the foreign exchange rate, preserve the value of our currency, and ultimately promote economic growth.”
He further added, “We will soon be introducing a structured currency system.”
Previous attempts, deemed as insufficient by analysts, have failed to address Zimbabwe’s deteriorating economy, which is compounded by governance issues and widespread public corruption within the government.