In a shocking twist of things, Finance Minister Mthuli Ncube says the country’s local currency, the Zimdollar is bad money which should be done away with.
Speaking in a video that has since viral, Ncube says the Zimdollar is driving away good money, calling it a surrogate currency.
His comment comes at the time the local currency is losing its purchasing power at an alarming rate, with prices of basic commodities skyrocketing.
Meanwhile, renowned world economic analyst Steve Hanke is on record calling on the Harare administration to dump the Zimdollar and fully dollarise.
Be that as it may, President Emmerson Dambudzo Mnangagwa’s spokesperson George Charamba recently confessed that the country’s economy is now fully dollarised.
According to the recent Reserve Bank of Zimbabwe foreign currency auction results, the Zimdollar is trading at US$1= ZWL1 888.