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Zimbabwe government defies calls to abandon Zimdollar as it continues to lose value

by Staff Reporter
19 May 2023 at 08:41hrs | Views
Inflation in Zimbabwe is currently at 75%, and is expected to rise even higher in the coming months. This is due in part to the government's decision to print more money in an attempt to finance its budget deficit.

The Zimdollar has also been losing value on the black market, where it is now trading at around 3 times its official value. This makes it difficult for businesses to operate and for people to make ends meet.

Opposition lawmakers have been calling on the government to abandon the Zimdollar and adopt the US dollar as the country's official currency. They argue that this would help to stabilize the economy and bring inflation under control.

The government has so far resisted these calls, arguing that it needs to protect its sovereignty by maintaining its own currency. However, it is becoming increasingly clear that the Zimdollar is no longer viable and that the government will eventually have to abandon it.

The continued use of the Zimdollar is causing widespread hardship for Zimbabweans. People are struggling to afford basic necessities, and businesses are finding it difficult to operate. The government needs to take urgent action to stabilize the economy and bring inflation under control.

Source - Byo24News