(3 Minutes Read)
ZIMdollar, the Zimbabwean domestic currency also known as RTGS, does not have many takers. Informal traders who account for about 75% of all employment in the nation, have stopped accepting the ZIMdollar as its value against the US dollar steadily declined
ZIMdollar, the Zimbabwean domestic currency also known as RTGS, does not have many takers. Informal traders who account for about 75% of all employment in the nation, have stopped accepting the ZIMdollar as its value against the US dollar steadily declined.
To move into a new financial architecture, the Southern African country has introduced the new ZIG currency. It was supposed to be launched on April 8 but was delayed until April 30th. Now, the US dollar dominates and most of the domestic transactions are done in the US Dollar. Before the announcement of the launch of the new gold-backed currency, ZIG, the Zim dollar was trading at 28,720 to 1 US dollar.
Read Also:
https://trendsnafrica.com/fresh-us-sanctions-on-zimbabwean-leadership-over-alleged-abuses/
Ordinary Zimbabweans are dejected as they realize their local currency does not have any value. Even for trivial things like buying provisions or paying tuition fees for their wards, they have to transact in dollars. Zimbabwe is not new to currency change. Now the Zim dollar is eventually being phased out. Earlier, it was the bearer’s cheques. Zimbabweans are worried about the extent to which this new ZiG, will be able to curb inflation that has been going on in the country for quite some time.
