Can a new currency end hyperinflation

Apr 09, 2024

Currency in #Zimbabwe changed overnight and has left many wondering - is this enough to end hyperinflation? As a leader of opposition politics in #Zimbabwe, I recognise that currency stability is essential for everyone as this impacts prices, investments and daily life. Yet, it's a complex issue influenced by various factors. There are many triggers for inflation, including the perpetually inconsistent fiscal policies, unabated institutional corruption, high unemployment, depressed investments and the list goes on.. Fluctuations in our currency are a reflection of all of this, PLUS the political environment in Zimbabwe. We will not win the battle for currency stability without addressing; the wider economic challenges of political instability; inconsistent and obscure monetary policies and the lack of confidence in Zimbabwe.

Whether currencies change or not - how our economy performs is what matters. High inflation and slow growth have been persistent problems affecting the value of our currency. These cannot be allayed by an overnight change in currency. The resources and wealth of Zimbabwe must benefit the citizens of Zimbabwe. Furthermore, economic resilience must be strengthened through diversification and investment in key sectors. As UZA, we're committed to advocating for policies that promote stability and we are working to restore and strengthen Zimbabwe's industrial and economic capacity. This includes advocating for political stability and transparent economic strategies; encouraging investment; and capacitating entrepreneurs. By working together, we can build a stronger, more stable future for Zimbabwe.