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RBZ concedes defeat, says annual inflation to end between 35 % and 53 %, up from 25 % to 35 %

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The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya now expects the annual inflation rate to end the year between 35 percent and 53 percent, up from an earlier estimate of 25 percent to 35 percent.

Meanwhile, the month-on-month inflation rate in September was at 4.73 percent, representing an increase of 0.55 percent from the August 2021 rate of 4.18 percent.

In addition to what Mangudya’s central bank is doing, Treasury has also said it will get the Zimbabwe Revenue Authority to carry out impromptu audits of corporate activities.

In a statement, the RBZ Governor Mangudya and Finance and Economic Development Minister Mthuli Ncube said,

“Regulatory bodies including the Public Accounts and Auditors Board, will also be working on a framework to impose appropriate financial and professional sanctions on members” who may be complicit in superintending over illicit affairs by corporate entities which they are charged with.

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