Day: July 21, 2019

Why does Zimbabwe have a new currency?

Zimbabwe has not had its own independent currency since hyperinflation wiped it out a decade ago.
Instead it has relied on the US dollar along with a local money system pegged to the dollar.
The economy is no longer in its extreme inflationary spiral, but the country has continued to suffer from severe shortages of food, medicine and fuel.
Last month, the Zimbabwean authorities reintroduced the Zimbabwean dollar as the country's sole legal tender.
Foreign Minister Sibusiso Moyo says this move has stabilised the economy.

But is he right? Reality Check looks at the country's key economic indicators before and after the currency was reintroduced.
Fears of a return to hyperinflationThere has been understandable concern that the return of the Zimbabwe dollar would lead to a return to the chaotic hyperinflation which destroyed savings and made wages worthless.
The most recent figures suggest inflation has risen sharply over the last year. In May it was 98% and by June, annual in..

Is Zimbabwe’s economy on track?

Zimbabwe has not had its own independent currency since hyperinflation wiped it out a decade ago.
Instead it has relied on the US dollar along with a local money system pegged to the dollar.
The economy is no longer in its extreme inflationary spiral, but the country has continued to suffer from severe shortages of food, medicine and fuel.
Last month, the Zimbabwean authorities reintroduced the Zimbabwean dollar as the country's sole legal tender.
Foreign Minister Sibusiso Moyo says this move has stabilised the economy.

But is he right? Reality Check looks at the country's key economic indicators before and after the currency was reintroduced.
Fears of a return to hyperinflationThere has been understandable concern that the return of the Zimbabwe dollar would lead to a return to the chaotic hyperinflation which destroyed savings and made wages worthless.
The most recent figures suggest inflation has risen sharply over the last year. In May it was 98% and by June, annual in..

South Africa’s Cyril President Ramaphosa hits back in corruption row

Image copyright
Reuters

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President Cyril Ramaphosa: “The report is fundamentally and irretrievably flawed”

South African President Cyril Ramaphosa says he is mounting a legal challenge against an official report that concluded he had deliberately misled parliament over a campaign donation.
He said the report by the country's corruption watchdog was “fundamentally and irretrievably flawed”.
Speaking to reporters, he also said it was appropriate for courts to make an impartial judgment on the matter.
Mr Ramaphosa's supporters say the allegations are politically motivated.
The report by Public Protector Busisiwe Mkhwebane was released on Friday. As well as accusing President Ramaphosa of misleading parliament, it suggested that he had potentially committed a money laundering offence.

Last year, Mr Ramaphosa told parliament that he had not received election campaign donations from a controversial company during his bid to lead the ANC.
It later emerged that ..

Nigeria abductions: Four Turkish nationals kidnapped in Kwara State

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Nigeria has seen a sharp rise in abductions

Four Turkish nationals have been abducted in western Nigeria, local police have told the BBC.
The four, who are construction workers, were kidnapped by gunmen at a bar in Kwara State on Saturday night.
An operation to try to rescue them is under way. No group has said it carried out the abductions.
Last week pirates attacked a cargo ship off the coast of Nigeria and kidnapped 10 Turkish sailors. Their fate remains unknown.

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Media captionHow a man dubbed “Nigeria's Supercop” is tackling kidnapping and armed robbery in the country.
Kidnapping for ransom is common in Nigeria, with foreigners and high-profile Nigerians frequently targeted.

Nigeria country profileIn April, a prominent politician and his daughter were abducted on a highway in Kaduna State. They were released after ransom was paid.
In the same month two kidnappings targeted foreigners. In the Niger Delta region,..