The US dollar replaced the worthless Zimbabwe dollar in 2009 but over the last 18 months, the economy struggled because of a domestic shortage of greenbacks. There were rumours that last month the central bank was buying black market US dollars creating general panic within the country. Cash has enjoyed a steady 10% to 20% premium over dollars stored electronically in bank accounts (zollars) but with...
About a year ago, the Zimbabwean authorities introduced a new local currency called "bond notes", equivalent to the US dollar, after having seen its local dollar currency peaked up to 200+ million percent in the past few years, rendering it totally worthless. This new currency had an impact on the property market in Zimbabwe, as explained by several property professionals in the country. A lot of...
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