Zimbabwean Dollar Could Collapse, Business Lobby Warns
A Zimbabwean business lobby group, the Confederation of Zimbabwe Industries (CZI), has warned that the country’s currency could collapse if authorities fail to “implement policy measures that are needed to support it.” Central Bank Approach Unsettling the Market In a letter seen by Bitcoin.com News, the lobby group’s president Kurai Matsheza explained that the heavy-handed approach towards the foreign exchange challenge would be unsettling to markets. To ensure that this challenge is fully tackled, the CZI boss insists that measures, which were agreed upon by....
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The Zimbabwean Finance Minister, Mthuli Ncube, recently told business leaders that he is not planning to make the U.S. dollar the country’s sole currency again.
Government Focused on Strengthening Local Currency
Instead of entertaining those calling for the dollarization of the Zimbabwean economy, Ncube suggested his ministry is in fact focused on defending the value of the zimdollar. According to a report by the Sunday Mail, the Zimbabwean minister made these comments while speaking at a pre-budget seminar held in Victoria Falls.
Since its reintroduction in....
Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform. Zimbabwean Nationals Blocked Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing....
While the hyperinflationary episode technically peaked in Zimbabwe in 2008, its national fiat currency has finally reached its painful end. At the current rate, one US dollar will buy you 35 quadrillion Zimbabwean dollars - toilet paper is worth more. Zimbabwe was the first country in the 21st century to suffer hyperinflation, and it has never escaped. Bad governance, led by strongman dictator Robert Mugabe, and almost no economic activity and production doomed the country to one of the worst economies on planet earth. What Does This Look Like? “Bank accounts with balances of up to 175....
Zimbabwe's currency, the Zimbabwean dollar, is undergoing super-hyperinflation. It is not on its last legs, its kaput, its collapsed, its down and out. Zimbabweans will have to exchange quadrillions of local dollars to gain a few US dollars next week. What would you do? There are various options that Zimbabwe might go in. Create a new fiat currency. Create a new fiat currency. Adopt the US Dollar. Adopt Bitcoin. Create their own digital currency. If they create a new fiat currency then who in the global market would accept it? How long would it take to create, and get accepted into the....
The Zimbabwean currency’s collapse in 2008 and record hyperinflation are widely seen as textbook examples of what can go wrong with a centralized currency. For instance, some cryptocurrency enthusiasts — as well as opponents of the fiat currency system in general — have routinely pointed to the Zimdollar’s collapse when arguing for an alternative monetary system. In other instances, entrepreneurs like those behind Zimbocash, a decentralized currency and payments platform for all Zimbabweans, have already launched such an alternative. They hope that this....