Zimbabwean officials say the economy is already suffering harmful effects of the dispute between Russia and Ukraine. Russia invaded Ukraine almost two months ago and said it wanted to dismantle and disarm its neighbor.
Zimbabwe’s currency continues to depreciate sharply and now ranges from 280 to 300 Zimbabwean dollars to one US dollar in a parallel market while it is officially trading at 145 US dollars.
The country’s finance minister, Mthuli Ncube, says the conflict between Russia and Ukraine is severely disrupting the country’s supply chains and the world.
He says this has triggered price increases for key commodities and a worsening situation for many Zimbabweans.
“Those of you who are importing raw materials would have seen the price of your raw material rise since the middle of last year. Initially any stealth, you see prices rising rapidly towards the third and final quarter and then finally the first quarter of this year boom with the tension, prices have shot up. So we are importing inflation and it is a difficult place for any economy. It is never easy to control and improve the effects of imported inflation. “
Zimbabwean economist Eddie Cross says the cost of importing the country has been rising, contributing to high inflation:
Zim’s economy is already suffering from the conflict between Russia and Ukraine – SABC News
Source link Zim’s economy is already suffering from the conflict between Russia and Ukraine – SABC News