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*Zimdollar At Risk Of Complete Rejection, CZI Warns* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?cc The Confederation of Zimbabwe Industries (CZI) has warned that the Zimbabwe dollar is at “risk” of being rejected if runaway inflation isn’t tamed. Annual inflation soared in June to 192% — a 13-month high, with the Zimdollar the worst-performing currency in Africa. ---------- *Latest itel S24 now available on Pindula* $124 Cash on Delivery in Harare & Bulawayo. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- The local currency has lost more than two-thirds of its value against the US dollar this year, according to data compiled by Bloomberg. In a report dated July 5 to its members, CZI also said policy interventions implemented by authorities over the last six months to protect the local currency and arrest runaway inflation have so far failed. It said: > Although year-on-year inflation has been on an upward trend since August 2021, there is a noticeable exponential increase since March 2022 which is threatening to lead to hyperinflation if sustained. > This also means that policy is losing the battle with respect to protecting the local currency as there is a risk of it being rejected in the market. CZI also warned that surging consumer prices have put businesses at a disadvantage among regional peers. The business group noted that Zimbabwe’s inflation rate is the highest in southern Africa and almost eight times that of Angola’s, the country with the second-highest rate in the region. *More: Bloomberg* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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