US dollars in Zimbabwe – level 3
Following the collapse of the Zimbabwean dollar in 2009, Zimbabwe became a dual currency economy.
The government reintroduced Zimbabwean dollars in 2019; however, the local people generally rely on the US dollar for daily transactions. With US currency in short supply, well-worn bills are popular. Some people buy old bills at a discount; shops would usually reject the bills. The people fix the notes and sell them for a profit on the black market.
Zimbabwean banks have mandates to accept soiled money in exchange for crisp notes. The government bank has asked citizens to make exchanges; however, many people mistrust the financial system because they lost their savings due to hyperinflation. They prefer black market traders.
You can watch the video news lower on this page.
How does the government encourage people to exchange soiled money for crisp notes?
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