Zimdollar hits new low, as official rate now over 5 200

Today the interbank rate is pegged at ZWL 5 247.10 to the American dollar as the local currency continues on the downward spiral.

These are also used as official exchange rates for transacting.

Apparently, the Zimbabwean currency have been on a death-bound spiral according to economic analysts.

The government has been urged to dump it, and fully dollarise instead.

However, President Emmerson Dambudzo Mnangagwa is on record saying his administration will not dump the country’s own currency.

He says he would rather dump the multi currency system, saying no country can prosper without its own currency.

Economists estimate that 80% of the local economy is dollarized but the government has insisted that having a local currency could help the struggling economy.

Zwnews