ZTE

ZTE

ZTE Mobile Phones

Open
HomeGeneral

Zimbabwe Dollar In Freefall, Breaches 20,000 Per Dollar In Official Trade

11 months agoFri, 22 Mar 2024 15:57:23 GMT
Share on FacebookShare on TwitterShare on LinkedIn
Zimbabwe Dollar In Freefall, Breaches 20,000 Per Dollar In Official Trade

In less than two months, the Zimbabwean dollar has crossed a notable threshold, falling below 20,000 against the US dollar. This decline occurred after it had previously dropped below the 10,000 level in late January, as reported by Bloomberg.

On Friday, March 22, the Zimbabwean dollar was trading at 20,389 per greenback, indicating a cumulative decline of 70% since the beginning of the year. This places it among the world’s currencies with the poorest performance.

The decline in the local currency’s value has not elicited a strong reaction from fiscal or monetary authorities, except for their acknowledgement that they are actively developing a “structured currency”.

While the specific form of the structured currency remains uncertain, there is speculation that it could be backed by gold.

The Reserve Bank of Zimbabwe (RBZ) has delayed the release of its monetary policy statement while the currency plans are being drafted.

Click here: Pindula WhatsApp Channel
wa.me/channel/0029Vb4GVea90x2nCSDImS1b

 

Michael Ashley Schulman, chief investment officer and partner at Running Point Capital Advisors said that the postponement has caused anxiety locally, but most outside investors have already abandoned Zimbabwe’s currency. Said:

The major concern for people in the country is that if Zimbabwe does switch to a gold-backed currency, they will do it at an exchange rate favourable to the new currency and unfavourable to citizens, thus leading to a further last-minute devaluation. In other words, if you have Zimbabwean dollars, you want to spend them as quickly as possible on something tangible.

However, having a gold-backed currency won’t necessarily stop future devaluations from occurring, Schulman added.  He said, “The government can still print money and change its currency ratios.”

More: Pindula News

Tags

56 Comments

kwinjo · 11 months ago
ma one
musvirwi · 11 months ago
ummm vakomana mari haichatenga iyi
Anonymous · 11 months ago
Chabangu it aka recall yemari tione ukazvigona
@Corncern · 11 months ago
Iye Tshabangu wacho anongo nembiri kuta courts chete nhayi! Ku Parliament he is as dead as the Dodo.
corncened🤔 · 11 months ago
ko sei Tshabangu asiri kuita ma recalls ema Rtgs ne bond,woisa US$ mu circulation🤔🤔
Anonymous · 11 months ago
Mabvuma ka.kuti dollar ne Bond hazvife zvakaenzana..udzai Mthuli na Mangudya..
Anonymous · 11 months ago
The BOND currency has failed what's next Mangudya and Mthuli..?
We're history · 11 months ago
😂 😁 Remember when the zim dollar 💵 was promised to be 1:1 with the US dollar 😂 😂 😂.
Ghetto Prophet · 11 months ago
They can recall the MPs & councilors but they won't recall the failing Economy
Yoyoyo (the Real) · 11 months ago
😁😁 @fugu pfeee is using my name achinyora zvinhu izvo. I don't know why ari kudaro. That's not cool
Ndini · 11 months ago
kkkk kuita mudzidzisi dzangowe nharo usinawo pekuba. Panoba vamwe awa. Hazvichada paunogara vakachengetedzwa nezvimitemo kunge mwana weschool. Panotoda paunopota uchipoya kunge **** riri munduwe yemuyouth weZanupf.
Saint Flow ndega handigoni · 11 months ago
isu vanohora rtgs kuenda kubasa dzangove nharo
BIG T 🫖☕🍵 · 11 months ago
nhasi akubvumidzwi munhu anoita comment pano wangoisa chete unondiona
Addedum · 11 months ago
Long winding queues at banks, shall be the order of the day, as people scrumble for cash. This is the tale tell of the Centre that can not hold. I do not think you need to be reminded of the trajectory of the whirlwind.
Yowee · 11 months ago
Kuchine munhu anita Q kuBank for this tissue Paper?
@yowee · 11 months ago
Ko uri kuti ma civil servants anoita sei?
Ian Smith · 11 months ago
There is no government to talk of but a bunch of Mafia Crook's bent on stripping the country of its resources.Now the rate is untainable at ZWL27000. Zimbabweans Will Loose What kind of money is ZWL?The name says it all.
Anonymous · 11 months ago
Its self inflicted pain. Refusing to use the domestic currency, wanting to be smart using the U$ which you do not control and owned by U$. It will end up in tears.
Cry Zimbabwe · 11 months ago
Using zim dollars you end up in tears 😭 😭 😭 😭
theLastAntKing · 11 months ago
the gvt has done exceptionally well on the political & infrastructure development. Asi *hurumende yatadza kudzora dhora ripinde mudanga. Gvt 1-0 Hurumende
Loserpool · 11 months ago
Economy 10 : 0 Vene Govt.
Anonymous · 11 months ago
A nation of pious losers
Stubborn Gentile · 11 months ago
I like one character here on Pindula and that's @ Yoyoyo ,he's real and maintains his cartoon character😂 Boss Wiwi 😂😂😂
Ini Zvangu · 11 months ago
I bet you my last Rhodesian dollar (Chumi yebepa) the next auction it will be US$1=RTGS30000.
chamaz · 11 months ago
black market rate @27 000
.. · 11 months ago
mmmm pakaipa
Tribalistic monk · 11 months ago
Imali zama Shona 😂😂😂😂😂 Kufanana le Dembare okuyi team kwabantu abaloyiweyo😂
mabharangizha · 11 months ago
****i
. · 11 months ago
so what's the black market rate? if the official rate is 20389
Babes · 11 months ago
Be ready kusunda ma wheelbarrows emoney yenyu makananga kushop kkkk
Scud · 11 months ago
Black(Real) Market=27000
Kingpin · 11 months ago
Yoyoyo mwana wekupoya mukondom Saka baba vake vakamuvenga
Wuto · 11 months ago
Yoyoyo Haana brain 🧠 anofunga nekadhodhî
TTT · 11 months ago
Worry not, I will you will all be middle income earner by 2030.
Babes · 11 months ago
It depends if we still exists that tym kkkk
#Babes · 11 months ago
Haumbofa, Chibage hobho taka piwa neRussia
@babes · 11 months ago
Bulgur inobva kuRussia ndeye Vene vaMutapa, ko isu veBlue tinorarama nei?
#Babes · 11 months ago
Nguva yenzara you have to change your colour like a chameleon.
Wuto · 11 months ago
Vanhu vanopererwa unotuka munhu asinakukutuka
Yoyoyo · 11 months ago
Wiwi yako 😁😁😁
Lacto · 11 months ago
@yoyoyo ndosaka baba vako vakakutizayi iwewe na Mai vako uchiri mudiki vakanga vazviona kuti uri fackery kushata kunge mhosva
Babes · 11 months ago
After all you say we are happy in Zim neizvo hr kkkkkkk
Aaa · 11 months ago
Kkkkkkk ma1 pa Zimbabwe
Babes · 11 months ago
Money iriapo iyo ndoyauchashandisa upset kunotenga bread ,cz ummm ndokwazvakananga izvo
Inflation · 11 months ago
Asi Muthuli Ncube aripaOff here chero monetary policy hachadi kutaura nyika inovakwa nevene
Wuto · 11 months ago
Ndo fackery iyo
@Wito · 11 months ago
Svada rako iwe mazichhende😁😁😁
Yoyoyo · 11 months ago
😁😁Girl who do back spring on bed spring will have offspring next spring VOTE BOSS WIWI FOR PRESIDENT
fugu pfee · 11 months ago
Boss Dhooodhi 💩💩💩
Yoyoyo (the Real) · 11 months ago
😁😁 Zvakwana @fugu pfeee, ingawani ndakaregera kukutuka wani.

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback