Times Live|Reserve Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to “understand economics”, as annual inflation stands at 934%, according to independent economists.

Government figures claim a 676% inflation rate as of March.

Appearing on Wednesday before parliament’s budget and finance committee, led by Felix Mhona, Zanu-PF’s Chikomba Central MP, Mangudya said: “I pray for Zimbabwe each morning, saying, ‘Oh God, help Zimbabweans understand economics’,” he said.

The governor pinned poor economic performance to indiscipline in the financial services sector, where he singled out mobile money agents for operating like “Ponzi schemes” which he likened to “Sodom and Gomorrah”.

He also conceded that there was low production and economic activity in the country.

“There’s a demon in this country causing economic instability. It’s like coronavirus but we have to trace it. We have to understand the root cause of our economic challenges. We should not spend a lot of time focusing on symptoms,” he said.