|  NEWS

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.

News you might like

Markets

Strong ZiG poses deflation risk, says central bank governor

Governor of Zimbabwe's central bank, John Mushayavanhu has expressed concern that the appreciation of the country's new currency against the Dollar could lead to deflation.

Markets

Zimbabwe unveils new gold-backed currency

Zimbabwe has announced it is replacing its local currency with another backed by gold and foreign currencies with the aim of providing more stability and lowering inflation.

Economy

Zimbabwe Dollar falls to record low ahead of currency announcement

The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.

Markets

Zimbabwe overhauls securities laws to boost investment

Zimbabwe is currently amending its Securities and Exchange Commission (SECZ) laws so they are aligned with best practices.

Economy

World Bank urges Zimbabwe to boost formalisation

A recent report released by the World Bank urges Zimbabwe to offer incentives to officially registered businesses as part of efforts to overcome obstacles and boost productivity in the private sector.

Environment

Zimbabwe receives 13 projects within carbon credit initiative

Zimbabwe has received 13 applications for new carbon offset projects, underscoring the country's move towards environmental stability and economic diversification.

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

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.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Markets

Strong ZiG poses deflation risk, says central bank governor

Governor of Zimbabwe's central bank, John Mushayavanhu has expressed concern that the appreciation of the country's new currency against the Dollar could lead to deflation.

Markets

Zimbabwe unveils new gold-backed currency

Zimbabwe has announced it is replacing its local currency with another backed by gold and foreign currencies with the aim of providing more stability and lowering inflation.

Economy

Zimbabwe Dollar falls to record low ahead of currency announcement

The Zimbabwean currency has fallen to another all-time low as residents sought refuge in the stability of the US dollar amid speculation the central bank is on the verge of making an announcement regarding the future of the local currency.

Markets

Zimbabwe overhauls securities laws to boost investment

Zimbabwe is currently amending its Securities and Exchange Commission (SECZ) laws so they are aligned with best practices.

Economy

World Bank urges Zimbabwe to boost formalisation

A recent report released by the World Bank urges Zimbabwe to offer incentives to officially registered businesses as part of efforts to overcome obstacles and boost productivity in the private sector.

Environment

Zimbabwe receives 13 projects within carbon credit initiative

Zimbabwe has received 13 applications for new carbon offset projects, underscoring the country's move towards environmental stability and economic diversification.

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

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.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Media contact

deVere Zimbabwe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Zimbabwe’s Head of Public Relations on [email protected] or call +44 2071220925