Zimbabwe’s Currency Crisis Surpasses All Globally – Report

Bloomberg has reported that the rate at which the Zimbabwe currency is losing value surpasses those of other currencies globally.

The publication notes that even the currency crisis in Argentina that was viewed as the most grave is also less compared to the Zimbabwean one.

Zimbabwe’s currency has since February this year deteriorated to about 13.51 (interbank rate) which is equivalent to a loss in value of 81%. As the US publication notes, the depreciation was the worst world over.

The rates are even higher on the parallel market with some selling the US dollar at ZW$16.6 as at Tuesday 17 September.

The crisis which owes much to the scarcity of foreign currency worsened when the late former President of Zimbabwe, Robert Mugabe, was ousted from office during the military-assisted transition of November 2017.

The State has been putting measures to make the local sustainable but it has not yet achieved that goal. For instance, the central bank raised interest rates to 70% on Friday 13 September, from 50%.

As a result of the currency crisis, the country has experienced soaring inflation that deteriorated salaries of workers.

More: Bloomberg

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