Mnangagwa corrupt and totally ignorant, says Steve Hanke
The parallel market exchange rate is hovering around US$S1: $200 while the official interbank exchange rate is US$1: $90.
However, reports show that the Zimbabwean dollar has depreciated by 93% in the past two years.
In response to the free-falling Zimbabwe dollar, Hanke said this was due to Mnangagwa not only being corrupt but also ignorant.
"Corrupt Emmerson Mnangagwa brought back the Zimbabwean dollar two years ago. Since then, the Zimbabwean dollar has depreciated by 93% against the mighty United States dollar.
"President Emmerson Mnangagwa is not only corrupt, but, when it comes to economics, he is totally ignorant," Hanke said.
Recently, the government threatened to suspend licenses for businesses that are pricing goods using the unofficial exchange rates and Hanke said that this will only lead to a tragic ending.
"Zimbabwe's currency is in a death spiral. Now, the corrupt government is threatening to suspend all businesses using black-market exchange rates to price goods. I have seen this movie before. It has a tragic ending," Hanke said.
Corrupt @edmnangagwa brought back the Zimbabwean dollar 2yrs ago. Since then, the Zim dollar has depreciated by 93% against the mighty USD. President Ed is not only corrupt, but, when it comes to economics, he is totally ignorant. pic.twitter.com/HeBl1lq1tM— Steve Hanke (@steve_hanke) October 14, 2021