In most countries, the currency turning from the world’s worst to best in the space of a month would be good news. Not in the largely dollarised economy of Zimbabwe, where the local dollar has recouped nearly half of its value against the US dollar after a 90% plunge this year. That’s hurting businesses selling goods using exorbitant exchange rates and betting the slide would continue.
The volatility fueled a surge in annual inflation to above 175% in June and sparked calls by the International Monetary Fund to allow the currency to trade freely. Zimbabwe then liberalised the foreign-exchange market last month, hiked rates and made the tax changes. The reversal in the currency saw it trade officially at 4 876 per US dollar this week.
Source: Financial Digest (financialdigest.net)
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