{"id":78914,"date":"2023-06-11T21:42:33","date_gmt":"2023-06-11T19:42:33","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies"},"modified":"2023-06-12T00:59:48","modified_gmt":"2023-06-11T22:59:48","slug":"zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies","title":{"rendered":"Zimbabwean dollar nosedives after government liberalises exchange rate against major currencies"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>HARARE \u2013 By close of business on Thursday, soldiers, police, health workers and other civil servants in Zimbabwe went home with the reality that their salaries could barely buy 30 loaves of bread.<\/p>\n

This after the government liberalised the exchange of the Zimbabwean dollar against major currencies.<\/p>\n

Zimbabwe Teachers\u2019 Association acting secretary-general Goodwill Taderera said the only logical thing to do would be to pay them in US dollars.<\/p>\n

\u201cWe just don\u2019t know why they are moving away from a stable currency, the US dollar. Whatever economics he [Finance Minister Mthuli Ncube] is using, it\u2019s just not working,\u201d Taderera said.<\/p>\n

A currency shock on Wednesday saw the Zimbabwe Stock Exchange twice stopping trade after an increase in share prices as the local dollar took a beating.<\/p>\n

Steve Hanke, a professor of applied economics at the Johns Hopkins University in Maryland, US, warned that \u201cif this keeps up, Zimbabwe is on track to reach hyperinflation in five days\u201d.<\/p>\n

A loaf of bread on Thursday cost ZW$9 999 or $1, up from ZW$2 800.<\/p>\n

According to the World Bank, Zimbabwe has, for the past few months, had the fourth-highest food inflation rate in the world (102%), behind Venezuela\u2019s 466%, Lebanon\u2019s 352% and Argentina\u2019s 115%.<\/p>\n

Some scales even put the country second to Venezuela.<\/p>\n

Ordinary Zimbabweans shared mixed views about the domestic dollar.<\/p>\n

\u201cWe are back to 2007\/08; it\u2019s bad,\u201d said James Ndlovu, a former biology teacher who\u2019s now dabbling with forex trading and other side hustling.<\/p>\n

His description is not necessarily accurate; in 2008 there were empty shelves in grocery stores. This time around shops have basic commodities, but prices are forcing people to buy from street vendors who accept US dollars and rands only.<\/p>\n

Either way, Ndlovu says, \u201cit\u2019s survival of the fittest; natural selection\u201d.<\/p>\n

The Zanu-PF supporter believes there\u2019s a hand behind the free-fall of the Zimbabwean economy.<\/p>\n

\u201cSince the Gold Mafia (the Al Jazeera documentary, The Gold Mafia: The Laundry Service), things have been tightening. I think somehow it\u2019s linked. It\u2019s a pity that the party I support slips up when it comes to the economy,\u201d he said.<\/p>\n

Christmas Ncube, who operates on the same pavement as Ndlovu in Bulawayo, the country\u2019s second-largest city, has other views.<\/p>\n

\u201cIt has nothing to do with external forces; vakomana [the guys] are clueless. When the finance minister joined this government, he promised to do away with bad money [the local dollar], but what did he do? He kept it and life went on. You can\u2019t run an economy using betting odds,\u201d he said.<\/p>\n

Zimbabwe is set to hold its general elections on 23 August, and former finance minister Tendai Biti, a senior member of the opposition Citizens Coalition for Change, says the bread scenario has proven that \u201cthis election becomes the most important of our lifetimes\u201d.<\/p>\n

\u201cThe thing about the economy is that it has no respect for propaganda or hijacked liberation narratives. It does not care whether you have guns or tanks. It will humble you.\u201d<\/p>\n

Critics say the opposition is not doing enough to capitalise on the economic meltdown ahead of the polls.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. HARARE \u2013 By close of business on Thursday, soldiers, police, health workers and other civil servants in Zimbabwe went home with the reality that their salaries could barely buy 30 loaves of bread. This after the government liberalised the exchange of the Zimbabwean dollar against major currencies. Zimbabwe Teachers\u2019 Association acting secretary-general […]<\/p>\n","protected":false},"author":84,"featured_media":78913,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1493,2189,19],"class_list":["post-78914","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nZimbabwean dollar nosedives after government liberalises exchange rate against major currencies - zimbabwe<\/title>\n<meta name=\"description\" content=\"HARARE \u2013 By close of business on Thursday, soldiers, police, health workers and other civil servants in Zimbabwe went ho ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwean dollar nosedives after government liberalises exchange rate against major currencies\" \/>\n<meta property=\"og:description\" content=\"HARARE \u2013 By close of business on Thursday, soldiers, police, health workers and other civil servants in Zimbabwe went ho ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-11T19:42:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-11T22:59:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686508076.116712.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zimbabwean dollar nosedives after government liberalises exchange rate against major currencies\",\"datePublished\":\"2023-06-11T19:42:33+00:00\",\"dateModified\":\"2023-06-11T22:59:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\"},\"wordCount\":537,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686508076.116712.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwean-dollar-nosedives-after-government-liberalises-exchange-rate-against-major-currencies\",\"name\":\"Zimbabwean dollar nosedives after government liberalises exchange rate against major currencies - 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