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Zimbabwe Central Banker Reports 'Concerted Efforts' For Turnaround

Reserve Bank of Zimbabwe Governor Gideon Gono told business leaders this week that his institution is persevering with "concerted efforts" to to revive the shattered economy even though the political power-sharing process has stalled.

Gono told the annual congress of the Confederation of Zimbabwe Industries he would not be deterred by the stalemate in the process that supposed to lead to the formation of a national unity government under a power-sharing agreement signed Sept. 15.

His remarks to the CZI congress were reported in the state-controlled Herald newspaper.

"We should continue with the economic turnaround and let our political leaders catch up with us when they have concluded their talks," Gono told his business audience. "We cannot wait because what if they decide to take another five or six years, should we then fold our hands and die?"

Meanwhile, however, hyperinflation, last measured at 231 million percent and according to most economists caused by profligate money-printing by Gono's institution, continues to ravage consumer pocketbooks while industrial output has imploded.

The Zimbabwean dollar is back in free fall three months after its second redenomination in two years, and was being quoted in street trade this week at an exchange rate for physical bank notes of Z$90,000 to one U.S. dollar.

Economist-consultant Callisto Jokonya, a former CZI president, told reporter Patience Rusere of VOA's Studio 7 for Zimbabwe that unless the political deadlock is broken, the economy is destined to continue its downward spiral.

More reports from VOA's Studio 7 for Zimbabwe...