{"id":48267,"date":"2021-10-14T19:23:13","date_gmt":"2021-10-14T17:23:13","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=48267"},"modified":"2021-10-14T18:08:32","modified_gmt":"2021-10-14T16:08:32","slug":"mnangagwa-totally-ignorant-on-economic-matters-steve-hanke","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke","title":{"rendered":"Mnangagwa \u2018Totally Ignorant\u2019 On Economic Matters \u2013 Steve Hanke"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>A United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but \u201ctotally ignorant\u201d when it comes to economic issues.<\/p>\n

In a tweet, Hanke said the Zimbabwe dollar has depreciated by 93% against the United States dollar since the local currency was reintroduced in 2019. He said:<\/p>\n

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.<\/p>\n

This comes as the forex rate has plummeted on the black market, with the currency changing hands for up to Z$200 per US dollar, while the official rate is pegged at Z$90.<\/p>\n

Meanwhile, the Confederation of Zimbabwe Industries (CZI) \u2013 the largest representative body for local business, has warned that the country\u2019s currency is in danger of collapsing as businesses resort to United States dollar transactions.<\/p>\n

In a tweet on Tuesday, Hanke said threats by the Zimbabwean government to suspend businesses using black market rates will end in tears. He wrote:<\/p>\n

Zimbabwe\u2019s 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\u2019ve seen this movie before. It has a tragic ending.<\/p>\n

Zimbabwean authorities have in recent weeks arrested scores of foreign traders accused of manipulating the volatile Zimbabwean dollar by trading on the black market.<\/p>\n

But in a letter to its members, CZI said it had cautioned the government against clamping down on firms and traders. It said:<\/p>\n

The greatest risk facing the economy right now is an inappropriate policy response to the rising parallel market premium.<\/p>\n

Clamping down on informal exchange trading in the absence of a viable formal market will have catastrophic consequences for the economy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. A United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but \u201ctotally ignorant\u201d when it comes to economic issues. In a tweet, Hanke said the Zimbabwe dollar has depreciated by 93% against the United States dollar since the local currency was reintroduced in 2019. He said: Corrupt […]<\/p>\n","protected":false},"author":84,"featured_media":48266,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,15],"tags":[1493,2189,327,6639,19,968],"class_list":["post-48267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-inflation","tag-steve-hanke","tag-zimbabwe","tag-zimbabwe-dollar"],"yoast_head":"\nMnangagwa \u2018Totally Ignorant\u2019 On Economic Matters \u2013 Steve Hanke - zimbabwe<\/title>\n<meta name=\"description\" content=\"A United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but \u201ctotally ignorant ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mnangagwa \u2018Totally Ignorant\u2019 On Economic Matters \u2013 Steve Hanke\" \/>\n<meta property=\"og:description\" content=\"A United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but \u201ctotally ignorant ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-14T17:23:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/10\/img-616855def09ed.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1008\" \/>\n\t<meta property=\"og:image:height\" content=\"490\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mnangagwa \u2018Totally Ignorant\u2019 On Economic Matters \u2013 Steve Hanke\",\"datePublished\":\"2021-10-14T17:23:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/10\/img-616855def09ed.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Inflation\",\"Steve Hanke\",\"Zimbabwe\",\"Zimbabwe dollar\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/mnangagwa-totally-ignorant-on-economic-matters-steve-hanke\",\"name\":\"Mnangagwa \u2018Totally Ignorant\u2019 On Economic Matters \u2013 Steve Hanke - 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