{"id":76321,"date":"2023-04-06T20:00:12","date_gmt":"2023-04-06T18:00:12","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time"},"modified":"2023-04-06T22:51:38","modified_gmt":"2023-04-06T20:51:38","slug":"us-dollar-replaces-zimbabwe-dollar-for-a-second-time","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time","title":{"rendered":"US Dollar Replaces Zimbabwe Dollar For A Second Time"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time.<\/p>\n

According to a Bloomberg report, US dollars were utilised for 77% of transactions this year, surpassing the proportion that was conducted in the local currency for the first time since it was reissued in June 2019.<\/p>\n

Zimbabwe abandoned its own currency in 2009 and replaced it with the US dollar and other foreign currencies after hyperinflation had rendered it worthless.<\/p>\n

The local currency was reintroduced in 2019 in an attempt to revive the stagnating economy.<\/p>\n

The Zimbabwean dollar has depreciated 91% against the US dollar in the last two years to trade at 944 at the official rate and about 1 600 on the parallel market.<\/p>\n

Local businesses now charge in greenbacks for everything from food, and fuel to medicines.<\/p>\n

Cement maker PPC Ltd.\u2019s local unit said in its latest financial statement, that 79% of sales were in US dollars.<\/p>\n

Speaking to Bloomberg, Gift Mugano, an economics professor at the Durban University of Technology, said:<\/p>\n

Passports are paid for in dollars, some taxes in foreign currency, fuel is in dollars and you can also pay toll gates in dollars.<\/p>\n

Prosper Chitambara, a Harare-based economist, said \u201cthe economy for all intents and purposes is largely dollarized\u201d.<\/p>\n

The surge in dollar usage in Zimbabwe comes as China has made the internationalization of the yuan a top priority.<\/p>\n

Countries including Russia, India and Saudi Arabia have sought to include non-dollar payments in their financial systems to reduce their dependence on the US.<\/p>\n

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

Africa-Press – Zimbabwe. The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time. According to a Bloomberg report, US dollars were utilised for 77% of transactions this year, surpassing the proportion that was conducted in the local currency for the first time since […]<\/p>\n","protected":false},"author":84,"featured_media":76319,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,313,11640,19,8905],"class_list":{"0":"post-76321","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-us-dollars","12":"tag-zim-dollars","13":"tag-zimbabwe","14":"tag-zimbabwe-dollars"},"yoast_head":"\nUS Dollar Replaces Zimbabwe Dollar For A Second Time - zimbabwe<\/title>\n<meta name=\"description\" content=\"The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for ...\" \/>\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\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Dollar Replaces Zimbabwe Dollar For A Second Time\" \/>\n<meta property=\"og:description\" content=\"The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-06T18:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-06T20:51:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/04\/postQueueImg_1680795022.74.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"580\" \/>\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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/us-dollar-replaces-zimbabwe-dollar-for-a-second-time\",\"name\":\"US Dollar Replaces Zimbabwe Dollar For A Second Time - 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