News

Why Zimbabwe Government Announced New Currency

Since January, the Zimbabwe dollar lost over 70% of its value on the official market and was plunging even further on the thriving but illegal black market.

Inflation increased from 26.5% in December last year to 34.8% this January before spiking to 55.3% in March.

Traders were increasingly rejecting lower denominations of the now scrapped currency, with many insisting on payment only in U.S. dollars, which are also legal tender in the southern African country.

Traders were increasingly rejecting lower denominations of the now scrapped currency, with many insisting on payment only in U.S. dollars, which are also legal tender in the southern African country.

“We are doing what we are doing to ensure that our local currency does not die. We were already in a situation where almost 85% of the transactions are being conducted in U.S dollars,” Mushayavanhu told reporters in the capital, Harare. People have three weeks to exchange the old notes with the new currency

the Zimbabwe dollar traded at 22,476 against the greenback, taking its losses this year to 73%, the world’s second-worst performance only after the Lebanese pound. A sense of urgency has gripped the nation after authorities brought forward the start date of the new governor, John Mushayavanhu, by a month. 

For The Inflation Zimbabwe Announced New Currency. And Zimbabwe Government Gave 21 days to convert their old cash into new money, Mushayavanhu said

Tirri Venkat Vinod

Share
Published by
Tirri Venkat Vinod

Recent Posts

Young Karate Stars Emerge at National Championships

Svastha Sports Academy's talented young karatekas stole the show at the National Level Karate Championships…

2 weeks ago

Sarvepalli TDP In-charge – Kakani Govardhan  Reddy

Kakani Govardhan Reddy served as Sarvepalli's MLA from 2014–2024 and as Minister for Agriculture, Cooperation,…

1 month ago

Sarvepalli TDP In-charge – Somireddy Chandra Mohan Reddy

Somireddy Chandra Mohan Reddy, the prominent TDP leader and MLA of Sarvepalli, has been instrumental…

1 month ago

Nellore Rural TDP In-charge – Kotamreddy Sridhar Reddy

Kotamreddy Sridhar Reddy has been appointed as the Telugu Desam Party (TDP) in-charge for the…

1 month ago

Nellore Rural YSRCP In-charge – Adala Prabhakar Reddy

Adala Prabhakar Reddy has been appointed as the YSRCP in-charge for the Nellore Rural constituency,…

1 month ago

Nellore City YSRCP In-charge – Parvathareddy Chandrasekhar Reddy

Parvathareddy Chandrasekhar Reddy currently serves as the YSRCP City In-Charge for Nellore. In 2025, he…

1 month ago