File: Zimbabwe President Emmerson Mnangagwa said the price hikes were unjustified.
The southern African nation in February removed an unrealistic peg for its electronic dollars and surrogate bond notes and merged them into a transitional currency called the Real Time Gross Settlement (RTGS) dollar.
“As a country we must have a our currency by the end of this year, we have started that journey,” Mnangagwa said at an event south of the capital Harare.
Prices of basic goods from sugar to maize meal have spiked in the last month as the RTGS dollar has lost value.
Mnangagwa said the price hikes were unjustified.
Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.
As physical dollar supplies started dwindling, the central bank introduced the bond note in 2016 at par to the dollar while the amount of electronic dollars increased, plunging the financial system into disarray.