Zim economy on its last legs as IMF steps in with more funding

Zimbabwe dollar has plunged since its reintroduction in 2019, while state plans to revive manufacturing, rose-farming

25 August 2021 - 18:27 By Antony Sguazzin and Ray Ndlovu

Zimbabwe will use more than half of the $961m (R2.922bn) allocated by the International Monetary Fund in the form of special drawing rights (SDR) to support its beleaguered currency.  

The government abandoned a 1:1 peg between a precursor of the reintroduced Zimbabwe dollar and the greenback in February 2019. The currency now trades at 85.82 to the US dollar and even lower on the black market, a plunge that’s made it difficult for the government to get it accepted locally, and it’s generally not tradable outside the country...

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