• Sofia

Zim dollar falls after printing new notes

In the past week when the Reserve Bank of Zimbabwe introduced the new notes of Z$10 value the Zimbabwean currency has lost almost 20% of its value in the parallel market. This will have negative impact on most Zimbabweans who are getting paid next week. This means that they are literally getting devalued salaries. As has been the norm prices of goods and services are expected go up in sympathy to the exchange rate. This will most likely drive inflation upwards and this is not good news for a country that is already in hyperinflation. The ordinary person in the street will be hit hard as the cost of living sours. The government has been battling the economic woes ever since it took power in a bloodless coup that toppled former leader, the late Robert Mugabe in 2017. The election of 2018 whose results are still under contestation seems to have fueled the economic collapse.

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