Zimbabwe borrows from bank of bad ideas, again

Zimbabwe borrows from bank of bad ideas, again, writes edwardcropley

Zimbabwe on May 6 ordered its banks to stop lending with immediate effect as part of a raft of measures that the government hopes will stop a rapid fall in the black-market value of its currency.

The Zimbabwe dollar, which was reintroduced in 2019 after a decade of formal dollarisation, trades at 166 to the U.S. dollar on official markets but at around 400 on the black market. The unofficial rate has doubled this year. In a statement announcing the ban, President Emmerson Mnangagwa accused unnamed speculators of borrowing at below-inflation interest rates and then trading in foreign exchange.

Year-on-year inflation hit 96.4% in March. The central bank raised its main policy rate to 80% on April 4, from 60%.A Zimbabwean flag is seen at a makeshift stall in Harare, Zimbabwe, November 25, 2017.

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