Zimbabwe expects inflation to slow to 134% in 2020. The finance ministry is dealing with the worst economic crisis right now. Runaway inflation is 659.4% year-on-year in September. In 2021 the budget is already outlined by the strategy, so it is expected that inflation will be better next year. The country is still committed to sustaining reliability in its currency.
Since the country is experiencing a growing unemployment rate, more and more people are finding themselves interested in trading with cryptocurrencies. The encouragement of the use of bitcoins in Zimbabwe is very important. Some of the authorities still don’t have enough information and because of this, they don’t like the idea of cryptocurrency in the country. But the truth is, it is helping the economy of Zimbabwe. However, despite The massive inflation in the country, the local market still on track with its currency trading volume. Based on information gathered on the Axiory broker overview on various websites, we can say that even though some companies don’t have access to the Zimbabwean market they still commend this region for their participation and the enforcement of currency trading volumes, keeping the FX market profitable for both themselves and others. Moving forward from 2020, the reserve bank of Zimbabwe adopted a manager float exchange rate method. It goes without saying that currency still needs much more work in order to be in a better situation, but the fact is that it is already in a much better condition than it was before 2016.
How people are dealing with the economic crisis
Most of the people in Zimbabwe are trying to start trading with the foreign exchange market. It’s a great opportunity for them because it is somehow balancing their quality of life and also they don’t need to worry about their paychecks every day. The government pays some attention to trading but it is still not enough. The trading market in Zimbabwe is always growing because of how young it is still in a local sense. Whatever is new is always subject to massive gains very quickly, thus the popularity garnered in a struggling economy.
Not everything is peaches and rainbows though. The government is not protecting the traders from scammers so they need to be much more precise than the traders from countries that have proper regulations. Most people involved in trading in Zimbabwe are successfully using different kinds of trading strategies like Scalping, Swing Trading, and position trading. It all depends on how much time and effort they would like to invest. They are usually short selling, which means that they don’t wait for a currency to increase in price to make money from them.
There are some basics everyone needs to know in order to start trading in Zimbabwe. Earnings depend on the situation in the country. Fluctuations are not too big most of the time. Traders usually earn around 10-20 USD if they’re lucky in a single day, but considering the situation in the country, this is levels above the average income a regular family may have in Zimbabwe.