Hyperinflation trauma: Zimbabweans’ uneasy new dollar

Written by on July 8, 2019

The move was bold, and many did not see it coming.

In a bid to defend the new and fledgling Zimbabweandollar against black market speculation, the country’s finance minister on June 25 outlawed using United States dollars and other foreign currencies in local transactions. When news of the policy broke, Harare-based independent economist John Robertson thought it was a bad practical joke.

Zimbabwe’s finance minister, Mthuli Ncube, had hinted on several occasions that a new Zimbabwean dollar was in the works. The country had already made a move toward it earlier this year, when it introduced an interim currency, the Real Time Gross Settlement (RTGS) dollar or “Zimdollar”.  SOURCE: News24

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