Zimbabwe has highest inflation rate in world, 300 percentChristian Fernsby ▼ | September 29, 2019
Annual inflation in Zimbabwe was 300 percent in August, according to new data released by the International Monetary Fund (IMF).
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Topics: Zimbabwe inflation
Annualised inflation in Zimbabwe was measured at 175.66 percent in June, up from 97.85 percent in May.
In a statement, IMF head of delegation Gene Leon said Zimbabwe was experiencing what he described as severe economic difficulties.
Leon was a part of an IMF delegation that was recently in the country to assess progress on the implementation of a Staff Monitored Program (SMP) that measures economic performance and Zimbabwe’s commitment to reforms.
The programme is a key step towards unlocking IMF funding.
“Since the February currency reform, the exchange rate has depreciated ,” Leon said.
The currency went from one-to-one with the US unit to 1 to 16.5 as of September 23, “fostering high inflation, which reached almost 300 percent (year-over-year) in August.” ■