Former Finance Minister Tendai Biti said that Zimbabwe has gone through three episodes of an unprecedented devaluation of its currency in ten years.
This has been caused by a predatory group of gangsters driven by patronage and the power retention agenda, he claims. Said Biti:
In 2008, billions were lost to hyperinflation including $5.8 billion of pension funds alone.
In November 2016, billions were lost again with the introduction of bond notes. In 2019, billions will be lost through SI 142 particularly Nostro FC balances. The Government must pay for the devalorization.
In less than ten years Zimbabwe has gone through 3 episodes of a seismic devaluation of its economy uniquely caused by State failure and misgovernance.
That has never happened in a country, not at war. At the centre of both failures has been a rogue central bank and bankrupt elite.
For 39 years a predatory group of gangsters driven by patronage and the power retention agenda have abused the State and its extractive institutions to unleash havoc on our people.
The transition has been delayed and derailed. But the limits have been reached, it is the end game.