The Market/Economy Has Self Re-Dollarised – ZCTU Expresses Concern Over Cost Of Living

ZTCU Authorities have expressed their concern over the increased use of the USD 6 months after the government declared the Zim Dollar the official currency and banned the multi-currency system Daily News reports.

ZCTU’s Japhet Moyo said:

.. its self-evident that the United States dollar has returned to be- come the preferred currency in the country. The market has re-dollarised regardless of the legal framework that prohibits the use of the US dollar. That is the reality on the ground.

This has created a big distortion in the market where wages and salaries are in local currency while goods and services are pegged at parallel exchange rates or actual US dollars.

ZCTU is the country’s biggest labour organisation.

 


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