Govt Woes Mount As "The Economy Is Now, Unofficially, Hugely Dollarised Again," Business Times
The Zimbabwean economy is believed to have unofficially dollarised again with several business owners pricing their commodities in United States dollars or other currencies such as the Rand of South Africa.
Business Times conducted a survey and observed that businesses were charging in foreign currency and then receipt in the local currency equivalent.
Zimbabwe, through Statutory Instrument 142 of 2019 outlawed the use of all foreign currencies for domestic transactions, a development which authorities said was meant to ease pressure on the foreign currency, particularly the United States dollar.
Some economists had warned against de-dollarisation saying that an insignificant number of countries had managed to shun the use of a strong currency after using it as the main currency.
They observed that the country needs to first improve production which is currently on low note to a myriad of challenges including power cuts, drought, and scarcity of foreign currency to import inputs.
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Authorities, however, were adamant that they had established all the fundamentals required to sustain the local currency.
Since the reintroduction of the Zimbabwe dollar in June this year, inflation in the country has been soaring to the chagrin of workers who have since declared incapacitation to execute their duties and responsibilities saying that their salaries have been eroded by inflation.
More: Business Times
