Volatile Zim Dollar Forces Businesses To Re-dollarise

Several small to medium scale enterprises (SMS) have reportedly re-dollarised due to the volatility of the Zimbabwe dollar.

The local currency jumped from USD1: ZWL14 to USD1:24 in a matter of days. This has prompted most of the SMEs to revert to the stable US dollar even though the move is illegal.

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A seller of cellphone accessories in Harare told 263Chat that the oscillating Zimbabwe dollar may force them out of business. He said:

Last week we replenished stocks from suppliers who were using a rate of ZWL$22 against the US dollar and guess what happens after that, the exchange rate tumbles and we are now forced to sell our stuff at lesser selling price because the rate is now down to ZWL414. We will end up closing shops and this is why we are resorting to the USD.

More: 263Chat

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5 comments on “Volatile Zim Dollar Forces Businesses To Re-dollarise

  1. A list of delegates from zim to UN are under sanctions for looting … now carrying bags of us $ to bank . … accompanied by ED and authorised by RBZ

  2. Re-dollarisation is a tricky issue. USD is not good for the economy but for individuals. It’s like cancer in the economy. Let’s find ways to love our currency.

    1. I assume you are not in business sir, or you have all your shopping done for you while sitting in in the comfort of your home…with bottomless pockets

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