Zimbabwe Slowly Dollarizing

The International Monetary Fund (IMF) has ranked Zimbabwe as having the second highest rate of inflation in the world in 2019

Zimbabwe’s currency the RTGS$ has been losing value and on Friday Morning was trading at around $ 100 = RTGS800 against the United States dollar on the parallel market.

Most businesses have been pegging prices against the volatile black market exchange rate, making the prices jittery over the past few months. And some have been overpricing the RTGS values so that you buy using USD.

Most Government Departments have started charging using the inter-exchanged rate. The Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement which is headed by retired Air Chief Marshal Perrance Shiri is now demanding United States Dollars for its services.

Recently the National Railways of Zimbabwe (NRZ) has also dumped the local RTGS currency, saying clients must now pay in US dollars at the prevailing interbank exchange rate, as Zimbabwe enters de facto dollarization.

The following is the full statement by the NRZ to its customers:

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Post published in: Business

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