Zimbabwe, whose economic destruction through extended periods of corruption and incompetence is a textbook example of mismanagement and a manual of How Not To Run An Economy, now has the weakest currency in the world – again.
American economics professor Steve Hanke says the Zimdollar, in the form of bond notes and Real Time Gross Settlement (RTGS) method of payment, has lost 92% of value against the United States dollar since the beginning of last year.
Hanke said: “The Zimbabwean RTGS dollar is the weakest currency in the world. Since January 2023, the Zim dollar has lost 92% of its value against the USD.”
The Zimbabwe dollar has been the country’s official currency since Independence in 1980.
When Zimbabwe gained independence from Britain, it’s currency was stronger than the United States dollar.
Now it is globally infamous for undergoing one of the greatest hyperinflations episodes in modern economic history.
It was abandoned in 2009 at the height of the economic meltdown and demonitised a few years later before being brought back again in 2019.
Since then it has been on yet another precipitous decline, spiralling towards inevitable death.
Hanke says it is now trading at a gaping US$1: ZW$12 500 in the parallel market.
Officially, the exchange rate is US$1: ZW$8 630.
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