The US dollar is king as Zimbabwe’s currency woes prevail
In September 2021, the Zimbabwean government introduced a facility for citizens to access US dollars at selected bureau de change in the country. This was in a bid to improve access to forex in a time of hyperinflation. To curb abuses an individual could only get $50 maximum per week.
But the Central Bank governor John Mangudya, in a monetary policy statement released on Feb. 7, has now further limited the $50 facility to an even smaller group of individuals citing abuse by some citizens. Before the directive, people queued daily at these bureau de change for hours to get money with others even sleeping outside banks.
As Zimbabwe’s economy struggles, the demand for US dollars keeps soaring. Spikes in the prices of basic commodities shows how the Zimbabwean dollar (ZW$) is failing to hold against its benchmark, the US dollar.
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