Zimbabwe’s Currency Crashes to Lowest Since Its 2019 Revamp

Local unit falls past Z$10,000 per US dollar in official trade
Plunge evokes memories of past, signifies economic hardships

A street vendor counts out Zimbabwean 50 dollar banknotes in Harare, Zimbabwe. — A street vendor counts out Zimbabwean 50 dollar banknotes in Harare, Zimbabwe.
Photographer: Cynthia R Matonhodze/Bloomberg

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By Ray Ndlovu and Colleen Goko-Petzer

January 30, 2024 at 9:02 AM UTC

Updated on

January 30, 2024 at 4:50 PM UTC

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Zimbabwe’s currency plunged to a new low reawakening bitter memories of the past and bringing into focus the poor state of the economy.

The local unit on Tuesday weakened past 10,160 per US dollar in the spot market for the first time since it was reintroduced in 2019, meaning that US$100 is now worth a bit more than one million Zimbabwean dollars.