Zimbabwe will measure inflation on U. S. dollar
2023.03.03 11:51
Zimbabwe will measure inflation on U. S. dollar
By Ray Johnson
Budrigannews.com – The government announced on Friday that from now on, Zimbabwe will use a weighted average of items priced in both Zimbabwean dollars and United States dollars to calculate inflation.
In the past, only items in the local currency served as the foundation for the official rate.
Along with the Zimbabwean dollar and the South African rand, the country in southern Africa uses the U.S. dollar frequently.
After a decade of dollarization, the government of Zimbabwe relaunched the Zimbabwean dollar in 2019 and authorized the use of foreign currencies in 2020 as part of its response to the COVID-19 pandemic.
It stated that the multi-currency system would continue for an additional five years last year.
According to the statistics agency, blended inflation for February was 92.3% year-over-year, compared to 101.5% in January.
