Zimbabwe Extends Multi-Currency System Anchored by U.S. Dollar Until 2030
-
Zimbabwe will extend its multi-currency system, anchored by the U.S. dollar, until 2030. This revokes a previous 2019 order to phase it out by 2025.
-
Around 80% of local transactions use U.S. dollars due to diminishing confidence in the Zimbabwean dollar.
-
Zimbabwe abandoned its own inflation-ravaged dollar in 2009 and adopted foreign currencies like the U.S. dollar.
-
The government reintroduced the local Zimbabwean dollar in 2019, but it quickly depreciated again.
-
Despite efforts to boost confidence, the Zimbabwean dollar has depreciated over 80% this year.