Zimbabwe’s currency fell to a new record low on Tuesday, declining past 10.160 per US Dollar in the spot market for the first time since 2019.

The fall signals that US$100 is now worth a little over one million Zimbabwean dollars.

So far this year, the local currency has lost nearly 40% of its value against the greenback, making it the worst-performing currency in the world.

Indeed, the parallel market rate is currently trading between Z$12,000 to Z$14,000, according to ZimPriceCheck.com.

Back in 2008, hyperinflation led the central bank to issue a 100 trillion Dollar note, and pensions were wiped out, Bloomberg reports.

A year later, the local dollar was ditched in the US Dollar’s favour and was reintroduced 10 years later.

According to IH Securities Ltd., the depreciation of the Zimbabwean dollar marks another year of “severe devaluation.”

“It is difficult to predict where the exchange rate may end up by year-end, but it is informative that last year the parallel rate fell almost ten-fold, which is a concerning metric,” the firm’s head of research. Lloyd Mlotshwa said on Tuesday.

In addition, banks are repeatedly revising transaction limits upward. However, the situation is “nowhere comparable” to 2007 and 2008, says Bankers Association of Zimbabwe president Lawrence Nyazema.

“Our systems can handle everything,” he said during an interview while simultaneously urging authorities to deal with Zimbabwean dollar inflation to help bring predictability to the local dollar, which is the main reason why citizens continue to reject it.

“At whatever level the rate is, we just need to stabilise it,” Nyazema stated.