Banks Fear Hyperinflation Redux in Plea for Zimbabwe Reforms
- Lenders warn current crisis reminiscent of hyperinflation era
- Zimbabwean finance minister currently preparing 2019 budget
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Zimbabwean banks urged the government to introduce wide-ranging reforms amid signs the country is facing an economic crisis reminiscent of a hyperinflationary spiral a decade ago.
Finance Minister Mthuli Ncube is preparing to announce the 2019 budget later this month. He’s juggling a ballooning budget deficit, foreign-exchange shortages that are fueling inflation, and an inability to raise foreign loans because of $5.6 billion of debt arrears.