Zimbabwe dollar down to $5 668.22 to the US dollar

The Zimbabwe dollar today shed $34.39 to average $5 668.2204 to the United States dollar as it continued its steady decline against the greenback.

It has lost just over $1 000 since the elections of 23 August but is still a long way off from the low of $6 926.564 that it reached on 20 June.

Zimbabwe is working on stabilising the local currency which should be the country’s sole currency from the beginning of 2026.

The country is currently using a multiple currency regime which is dominated by the United States dollar.

Business is, however, quite aware that use of the United States dollar is not sustainable as local products will not be competitive against those from the region.

Zimbabwe President Emmerson Mnangagwa has repeatedly said that no country has ever developed using another’s currency and is currently banking on his mantra that “nyika inovakwa nevene vayo, igotongwa nevene vayo, igonamatigwa nevene vayo”.

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