Zimbabwe Dollar’s Second Death Seen as Only a Matter of Time
- Supermarkets, restaurants openly trading in foreign currency
- Government says hasn’t abandoned currency, but pays in dollars
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When Zimbabwean businessman Nigel Chanakira asked 100 chief executive officers at a seminar in Harare on Jan. 27 if they were willing to use the local currency, only one raised his hand.
That reluctance is a stark demonstration of the government’s failure to win confidence in the Zimbabwe dollar, the reintroduction of which Finance Minister Mthuli Ncube has staked the stagnating economy’s recovery on. For the second time in two decades, Zimbabweans are abandoning their local currency.