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Zimbabwe Should Adopt Rand After ‘Miracle of Failure,’ Biti Says

  • Adoption of South African currency needed to reduce costs
  • Country is experiencing second hyperinflation bout in 11 years
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Photographer: Waldo Swiegers/Bloomberg
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Zimbabwe should adopt South Africa’s rand as its currency, one of a series of fundamental reforms needed to restore economic stability in the country, former Finance Minister Tendai Biti said.

His call is an endorsement of government efforts to link Zimbabwe’s economy to neighboring South Africa’s currency as it grapples with a foreign-exchange shortage that’s spawned the fastest price increases since hyperinflation a decade ago. Zimbabwe abolished its own currency in 2009 and mainly uses the U.S. dollar.