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Currency Slump, 132% Inflation No Cause for ‘Panic’ in Zimbabwe

  • Inflation rate climbed above 100% for first time in 10 months
  • Country working with AfDB to repay arrears on external debt
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WATCH: Mthuli Ncube, Zimbabwe’s Finance Minister discusses the country’s soaring inflation, which boomeranged back into triple digits in May.Source: Bloomberg

Zimbabwe is taking steps to tackle an inflation rate that’s jumped to 132% after its currency slumped, Finance Minister Mthuli Ncube said.  

“We are instituting measures that every other country in the world is instituting,” Ncube said in an interview with Bloomberg Television’s Manus Cranny and Yousef Gamal El-Din from Davos on Thursday. “We are not in panic mode.”