Mnangagwa accused ‘economic saboteurs’, who include corporates and individuals, of sabotaging his efforts to stop the spiralling inflation. Just over a week later, the Reserve Bank of Zimbabwe lifted the ban on bank lending. As of June this year, Zimbabwe’s inflation rate was at a staggering 324%, according to Professor Steve Hanke of John Hopkins University.
In this week's inflation table, #Nigeria takes the 15th place. On June 16, I measured Nigeria's #inflation at a stunning 32%/yr, 2x the official inflation rate of 16%/yr. pic.twitter.com/GwjwrrbYZ2
— Steve Hanke (@steve_hanke) June 20, 2022
The Africa Report spoke with Samuel Matsekete, group CEO of Old Mutual Zimbabwe and head of banking portfolio at Old Mutual Rest of Africa, about the president’s short-lived decision.
Old Mutual Zimbabwe provides a variety of financial and investment products to their Zimbabwe-based clients. The company’s 2021 financial report shows that the firm posted significant growth for 2021, with profit after tax (adjusted for inflation) of Z$28.8bn up from Z$10.5bn the year before.
The Africa Report: Recently, the Central Bank suspended
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