The world is changing fast and to keep up you need local knowledge with global context.
By Ray Ndlovu
(Bloomberg) – Labour unions representing government workers in Zimbabwe on Monday rejected an offer of a 97% pay rise and demanded that increases be linked to the official US dollar exchange rate to offset inflation and a devaluation of the Zimbabwean dollar.
“An interbank-related salary is the only way to restore the value of wages and any other intervention will not work given the hyper-inflationary environment which negates any Zimbabwe dollar increase,” said Cecilia Alexander, the chairwoman of the Apex Council, the biggest representative of workers.
The Zimbabwean dollar was trading at 17 per US dollar on the interbank market on Monday.
Cyril Ramaphosa: The Audio Biography
Listen to the story of Cyril Ramaphosa's rise to presidential power, narrated by our very own Alec Hogg.