The Zimbabwean dollar has been rapidly losing value against the U.S. dollar in recent weeks on the Reserve Bank of Zimbabwe's foreign exchange auction market. Exchange rates show that over the past week, the Zim dollar tumbled by 43% closing the gap between the official and parallel markets. On Tuesday, the official exchange rate hit
Former Finance Minister Tendai Biti claims the government's recent economic interventions reveal panic and confusion within President Mnangagwa's administration. Biti argued the only viable solutions are fully dollarizing the economy and allowing the Zimbabwe dollar to float freely. He cited the black market exchange rate of $1 to $3,000 as evidence the auction system has
Former Finance minister Tendai Biti has slammed the current Treasury boss Mthuli Ncube over Zimbabwe's struggling currency. Biti said on Twitter that there is "rampant rejection of the local currency in the market." He claimed local manufacturers are rejecting the Zimbabwean dollar, proving "that an economy will never be run by statutory instruments." He called