Severe Floods Devastate Nigeria, Zimbabwe Says No To Own Currency, US China Trade War Escalates And Other Updates

Zimbabwe Says No To Own Currency

No less than President Mnangagwa put speculation to rest by declaring that the multiple currency regime stays.

Zimbabwe is one of the few countries in the world that do not have their own currency. The result has been a chronic cash shortage with long queues in front of Harare banks.

It had been speculated that after the recent FOCAC Conference in Beijing one of the first areas of reforms to be tackled by President Mnangagwa is the currency issue. Not having its own currency deprives Zimbabwe of control over its monetary policies.

In the view of some economic commentators the solution to fears of hyper-inflation that brought about the demise of the country’s former currency is in establishing a strict and efficient Central Bank. The regime of multiple currencies cannot last forever.

Meanwhile, the flow of foreign currency loans to Zimbabwe continues. Britain’s Gemcorp Fund is the latest to extend more than $200 million to the Central African Country.

NIGERIA’S FLOODING DISASTER

The death toll from heavy floods and torrential rains have increased to more than a hundred in the past couple of weeks.

The floods have affected more than 10 States of the Federation. The Disaster Relief Agency says it has established 12 centres of operation to help handle the humanitarian crisis.

In Nigeria flood damage is usually worse in urban areas because of clogged up drains and badly constructed roads.

THE CAMEROON ANGLOPHONE CRISIS

The situation in Cameroon ‘s restive Anglophone West appears to be worsening. Latest development is the Central Government’s imposition of travel restrictions on the Anglophone region.

The Separatists , who are demanding a separate country complain that the restrictive measures have turned their region into an area under siege. Just last week, 15 separatists were killed by security forces.

CHINA / U.S. TRADE WAR

The undeclared trade war between China and the U.S. shows no sign of abating. The U.S. recently imposed 10% to 20% tariffs on $ 200 billion worth of Chinese goods. China has announced that it will penalise $ 60 billion of U.S. goods in response to the latest American tariffs.

The status of a negotiated settlement is unclear. There was an announcement last week that the U.S. Commerce Department has invited Chinese officials for trade talks. But then this was immediately followed by the imposition of new American tariffs.