An American applied economist at the Johns Hopkins University in Baltimore, Maryland, Steve Hanke claims that Zimbabwe’s local currency, the RTGS$ is self-destructing.
Hanke added that when Finance and Economic Development Minister, Mthuli Ncube gave the go-ahead for the devaluation of the currency, he should have advised the public that its value will plummet. Writing on Twitter on Friday, Hanke said:
In Zimbabwe, fuel prices have shot up as the RTSG$ continues to self-destruct. When #Zimbabwe’s Min. of Fin. #Ncube blessed the devaluation of Zim’s quasi-currencies, he should have added that the RTSG$ wouldn’t float on a sea of tranquillity, but sink.
RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins.