News

Industries

Companies

Jobs

Events

People

Video

Audio

Galleries

My Biz

Submit content

My Account

Advertise with us

Banking & Finance News South Africa

News Retail Banking & Finance

Zimbabwe's disappearing dollar

Faith in the Zimbabwe dollar has withered in rural areas where the local currency is being sidelined in favour of foreign exchange and barter trade.

Analysts say consumers are avoiding the currency since a world record-breaking inflation rate - now officially at 8,000 percent but unofficially estimated at 25,000 percent - has made holding Zimbabwean cash pointless.

"Because of the ever deteriorating economy, villages are now awash with money from beyond our borders,” Innocent Makwiramiti, an economist and former chief executive officer of the Zimbabwe National Chamber of Commerce, told IRIN.

Read the full article

Let's do Biz