The Zimbabwean dollar is continuously losing its purchasing power, with many favouring the green buck.
According to renowned world economic analyst Steve Hanke, it is prudent for Harare to fully dollarise.
“In Zimbabwe, the ZWD continues to be vaporized and inflation surges. The ZWD has lost 93% of its value against the USD since Jan. 2022. Zimbabwe must officially DOLLARIZE, NOW!”
Apparently, Minister of Finance and Economic Development Mthuli Ncube recently called the Zimdollar useless money.
He accused the local currency of driving good money out of the market.
Contrary, Reserve Bank of Zimbabwe Governor John Mangudya is on record saying the country is not ready to fully dollarise.
And President Emmerson Dambudzo Mnangagwa’s spokesperson George Charamba recently confessed that the country’s economy is fully dollarised.
He said over 80% of transactions in Zimbabwe are being done in US dollars, meaning the economy is fully dollarised.