Zimdollar rate decline signals move to Gold Standard

Zimbabwe, the poster child of hyperinflation, is allowing a free fall in its currency that it's no longer keen to defend and is instead working on a new exchange rate potentially backed by gold.

The country's local dollar has weakened against the US dollar every day in 2024, sending the price of a single loaf of bread from Z$6,105 to Z$19,357 in a mere 11 weeks.

Such a loss of purchasing power has historically pushed the central bank to intervene and arrest the slide, but this time, there has been no action.