hyperinflation

American economics professor Steve Hanke, who came under fire in Zimbabwe on Wednesday for cooking inflation data, has described the criticism as “rubbish” and defended his controversial formula.
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Zimbabwe has about 15 million people but another three million are believed to have migrated to other countries, mainly South Africa, but also across the world.
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Zimbabwe has raised 500 million Zimbabwe dollars ($20 million) in treasury bill auctions that it will use to help combat the spread of the coronavirus, its finance minister said on Wednesday.
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The Zimbabwe Revenue Authority (Zimra) has ordered businesses trading in both Zimbabwe dollar and foreign currency to pay their taxes in foreign currency.
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Zimbabwe will issue new notes and coins soon to replace the country’s quasi currency (bond note) that was introduced three years ago in an attempt to counter a crippling shortage of cash.
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Oil firms, chrome miners, embassies and international organisations in Zimbabwe can use foreign currencies for local transactions, the central bank said, easing rules for some sectors in a bid to boost the flow of dollars in the economy.
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Zimbabwe has not had its own independent currency since hyperinflation wiped it out a decade ago. Instead it has relied on the US dollar along with a local money system pegged to the dollar.
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PRESIDENT Emmerson Mnangagwa says his administration has no immediate solution to dealing with illegal foreign currency trade despite admitting its role in the economic crisis.
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With Zimbabwe’s economy in shambles and political tensions rising, leaving the country seems the best option for many who are desperate for jobs. But those dreams often end at the passport office, which doesn’t have enough foreign currency…
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One of our main stories in yesterday’s edition spoke about price hikes and shortages that have returned to haunt crisis-weary Zimbabweans. The latest shortages as well as price increases come as sad reminders of the trying 2007-8 period…
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