Reserve Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to 'understand economics', as annual inflation stands at 934%, according to independent economists
123RF / Natanael Alfredo Nemanita Ginting
The governor pinned poor economic performance to indiscipline in the financial services sector, where he singled out mobile money agents for operating like “Ponzi schemes” which he likened to “Sodom and Gomorrah”.“There’s a demon in this country causing economic instability. It’s like coronavirus but we have to trace it. We have to understand the root cause of our economic challenges. We should not spend a lot of time focusing on symptoms,” he said.
“There’s a narrative which is always wrong in Zimbabwe that if we increase money supply this will cause inflation,” he said.
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