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Will the Zim dollar become the cat with nine lives? Dream on, ...

World

Will the Zim dollar become the cat with nine lives? Dream on, say experts

The currency is about to die for a second time, with one businessman saying it ‘will be in the graveyard’ by June

Ray Ndlovu

When Zimbabwean businessman Nigel Chanakira asked 100 CEOs at a seminar in Harare on Thursday if they were willing to use the local currency, only one raised his hand.

That reluctance is a stark demonstration of the government’s failure to win confidence in the country’s dollar, the reintroduction of which finance minister Mthuli Ncube has staked the stagnating economy’s recovery on. For the second time in two decades Zimbabweans are abandoning their currency. 

At restaurants, a simple request for “the rate” sees one’s bill halved if it’s met in hard currency and supermarkets openly offer discounts for goods purchased in US dollars. The government paid public workers their Christmas bonuses in dollars and the revenue service collects a third of its income in greenbacks...

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