Zimbabwe: Dollar plunges to Z$25 million to the U.S. dollar

2008-03-06 00:00

HARARE — The Zimbabwe currency tumbled to a record low of 25 million for a single U.S. dollar yesterday, currency dealers said.

With Zimbabwe dollars mostly available in bundles of 100 000 and 200 000 notes, one U.S.$100 note bought nearly 20 kg of local notes at the new market rate yesterday.

Currency dealers said uncertainties ahead of elections scheduled for March 29 and the world’s highest inflation of 100 500% led holders of hard currency to hang on to their money at the same time as the state central bank pumped more local cash into the market for election costs.

The price of the U.S. currency was also pushed up by central bank buying on the unofficial market to pay for power, gasoline and vehicle imports ahead of the polling, said one black market dealer who could not be identified for fear of reprisals.

The black market exchange rate for the U.S. dollar broke the one million Zimbabwe dollar mark for the first time in late October. The Zimdollar’s fall has quickened dramatically in recent weeks, the dealer said.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/Sport

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.