MARKET forces have caused havoc on the Zimbabwe dollar on the parallel market, with the exchange rate shooting to US$1:$70.
Last week, from Monday to Saturday, the US$:Zimdollar rate plunged nearly 23%, with tobacco farmers reportedly calling on government to urgently address the currency instability.
Reserve Bank of Zimbabwe governor John Mangudya last week told Parliament that parallel market dealers were like coronavirus.
Former Finance minister Tendai Biti reiterated his call for the adoption of the South African rand to stabilise the economy.
As Finance minister, Biti oversaw Zimbabwe’s highest consecutive growth rates between 2009 and 2012 since independence based on statistics of the country’s gross domestic product at the World
Bank.
