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Africa

80% of Zimbabwe transactions in USD

todayJuly 11, 2024 5

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Zimbabwe must take the necessary steps to end its reliance on the dollar and increase the use of its own currency, Information Secretary Nick Mangwana said. “The benefits of de-dollarisation far outweigh the costs, making it an urgent imperative for Zimbabwe to break free from the US dollar grip,” Mangwana said in an opinion piece published in the Herald newspaper.

Bloomberg reports that more than 80% of Zimbabwe’s transactions are denominated in dollars, according to government data. The nation lifted a ban on the US currency at the start of the coronavirus pandemic in March 2020 to help ease an acute shortage of foreign exchange.

Written by: Tonata Kadhila

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