Death-bound Zimdollar sinks deeper on RBZ auction

RBZ governor John Mangudya

The Reserve Bank of Zimbabwe (RBZ) has released the results from its latest foreign currency auction, showing the further depreciation of the local currency.

According to the figures, the country’s local currency, the Zimdollar traded at ZW$2.577 to US$1, rising from ZW$1.888 last week.

Apparently, despite the free-fall, the government says it will not fully dollarise.

Finance and Economic Development Minister Mthuli Ncube recently announced measures that he says are aimed at restoring the purchasing power of country’s local currency.

This is despite calls from economic analysts that fully dollarisation is the only way to save what they call the death-bound Zimdollar.

Zwnews