Zimbabwe’s currency loses half of its value!!!

 

Zimbabwe’s economic challenges trace back to its 2008 hyperinflation crisis, which peaked at 79.6 billion percent, forcing the country to abandon its dollar for the US dollar in 2009. While a bond note reintroduced local currency in 2016, hyperinflation returned. The Zimbabwe dollar was reintroduced in 2019, but it continued to erode in value, prompting a shift to a gold-backed currency, the ZiG, in April 2024.

However, recent devaluations, a rising black market, and dual official rates have destabilized the ZiG. Amid civil confusion, government agencies distribute salaries in both ZiG and US dollars. Despite reassurances from the Reserve Bank of Zimbabwe, many citizens remain uncertain about the future of their currency and economy.

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