Putin’s Efforts to Save Ruble Spurs Zimbabwe’s President to Act
- State to reverse trend and will prefer local unit to greenback
- Zimbabwe dollar is Africa’s worst-performing currency
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Zimbabwe’s President Emmerson Mnangagwa is trying to emulate Russian President Vladimir Putin in his attempt to revive Africa’s worst performing currency.
Mnangagwa’s administration may announce plans as early as this week for government departments in Zimbabwe -- under U.S. sanctions for economic mismanagement and human rights violations for the past two decades -- to show “high preference” for the Zimbabwe dollar in the payment of services, according to Persistence Gwanyanya, a Harare-based economist and member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee.