March 26 (Bloomberg) -- Simba Makoni, who is competing against Zimbabwe's President Robert Mugabe in elections on March 29, plans to float the country's currency if he comes to power, his campaign co-ordinator said.

The Zimbabwe dollar is pegged at 30,000 per U.S. dollar, while the more commonly used black-market rate collapsed to 55 million per dollar on March 19, from about 7,200 a year ago. The currency's slump has driven inflation to 100,580 percent in January, the highest in the world.

``The Zimbabwe dollar is worth what the market says it is worth,'' Nkosana Moyo, who is managing Makoni's bid to end Mugabe's 28-year rule of Zimbabwe, told reporters in Johannesburg today. ``Let the market decide and things will turn out fine.''

The Zimbabwe dollar, worth more than its U.S. counterpart when the country won independence from the U.K. in 1980, has plummeted since 2000 when Mugabe began seizing white commercial farms for redistribution to blacks deprived of land during white rule. The program contributed to a slump in export revenue and deepened a recession now in its 10th year.

``The land policy is going to be revisited'' if Makoni wins, Moyo said. ``Property rights will be respected.''

Makoni will compete against Mugabe and former labor-leader Morgan Tsvangirai. A runoff will be held between the top two candidates if none of the three wins 50 percent of the vote.

The past three elections won by Mugabe were marred by violence and electoral irregularities, according to most monitors. Western observers and media have been barred from entering the country to check this week's polls and the opposition has complained about their access to media, harassment of candidates and procedural irregularities.

To contact the reporter on this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

Last Updated: March 26, 2008 09:14 EDT