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Zimdollar At Risk Of Complete Rejection, CZI Warns

Zimdollar At Risk Of Complete Rejection, CZI Warns

The Confederation of Zimbabwe Industries (CZI) has warned that the Zimbabwe dollar is at “risk” of being rejected if runaway inflation isn’t tamed.

Annual inflation soared in June to 192% — a 13-month high, with the Zimdollar the worst-performing currency in Africa.

The local currency has lost more than two-thirds of its value against the US dollar this year, according to data compiled by Bloomberg.

In a report dated July 5 to its members, CZI also said policy interventions implemented by authorities over the last six months to protect the local currency and arrest runaway inflation have so far failed. It said:

Although year-on-year inflation has been on an upward trend since August 2021, there is a noticeable exponential increase since March 2022 which is threatening to lead to hyperinflation if sustained.

This also means that policy is losing the battle with respect to protecting the local currency as there is a risk of it being rejected in the market.

CZI also warned that surging consumer prices have put businesses at a disadvantage among regional peers.

The business group noted that Zimbabwe’s inflation rate is the highest in southern Africa and almost eight times that of Angola’s, the country with the second-highest rate in the region.

More: Bloomberg

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xxx 1 month ago

The zanu pf Gvt has no solution to Zim economic problems bt to play the blame game.

Maparamuro 1 month ago

Ma**** emuzimbabwe completely brainwashed to the point of hating themselves and wishing they were Americans, sad. No matter what you do the US$ will never become a Zim currency it will remain American currency.
Instead we should be working at correcting the political mess which devalues our currency and its within our capacity but we are choosing what appears to be soft solution.

I went around the vegetable market with US$20 and wanted to buy vegetables worth $3, they did not have change so I had to leave without buying. Imagine how many people experience such everyday and imagine the loss of business to the vendors.
Hapana kwatiri kuenda naro US$ iri. Let's fix the politics

mubereki 1 month ago

Ndirikuitisa mwana homework, ndirikumuti $1 = 100cents iye arikuti kwete i600 bond. Ndibatsirewo ndomuudza sei?#

kkkkkk 1 month ago

vakachengeta zvidhuura zvemadhara aifanira kuinda kupension Kare saka vakutya kuti vakangoti US defence line yose yesecurity forces will rush out to get US package. ngavazvitaure nhasi chaiye uone kuti munosara ani

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