Professor of applied economics at Johns Hopkins University, in the United States of America {USA} Steve Hanke has advised the Zimbabwean government to adopt the US dollar and address the current economic challenges in the country.
Hanke said the country should abandon the local currency to tame runaway inflation.
According to Hanke’s Inflation Dashboard, Zimbabwe currently has the highest rate of inflation in the world at 244 per cent followed by Lebanon whose rate of inflation is 161 per cent.
Hanke said, “In this week’s inflation table, #Zimbabwe takes the 1st prize.”
“On May 19, I measured Zimbabwe’s #inflation at 244%/yr.
“Almost 3x the official inflation rate of 96.4%/yr. It’s time for Zimbabwe to dump the Zim Dollar and officially adopt the USD.”
Meanwhile, the Zimbabwean government, despite promoting the use of the US dollar in domestic transactions, insists it has no plans to dump the Zimbabwe dollar.
