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Zim dollar, dead again

Sinqobile Tessa
WORTHLESS: Zim dollars (Pic by Bloomberg)

The Zim dollar is dead again but the government, like an Ostrich burying it’s head in the sand, refuse to see this reality.

I can’t remember the last time I was in possession of our local bond (as the local currency is commonly referred to) and actually bought with it.

Our highest denomination, which is ZW$100, is now worth less than the American cent, both on the official and parallel market; it can’t even buy the cheapest sweet on earth!

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Despite this, the government still believes the local dollar is a currency to reckon with, or maybe they have an illusion that it’s a phoenix which will rise again.

A loaf of bread now costs US$1.10 or ZW$ 13, 500 meaning that in hard local cash, one has to have 135 notes of the highest bill.

Central Bank governor, John Mangudya insists the current currency turmoil was a passing phase but our bond continues to sink deeper with each passing day.

The 2008 hyperinflation era is slowly and surely rearing its ugly head again and the sooner they accept that the better.

In fact, the business community and the general public have long come to terms with the fact that Zim dollar is dead again; most no longer even consider it as a currency when buying.

I should point out that in some incidents the government’s stubbornness works in citizens’ favour, especially when it comes to paying utility bills.

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Our January water bill is almost ZWL$200, 000. It sounds a lot but if we change our money in the parallel market, that’s US$15 (about P200), which is quite cheap if I may say.

Meanwhile, on the political front, the opposition Citizens Coalition for Change (CCC) looks to be going the same way as the Zim Dollar following the resignation of its founding leader, Nelson Chamisa last Thursday.

As was expected, Chamisa quit the party saying it had been infiltrated and hijacked by the ruling Zanu-PF and its agents

The party was branded around Chamisa so technically there is no CCC without him.

What can never be taken away from Chamisa is also the fact that he is a charismatic leader who personally commands a large following.

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When he quit the Movement for Democratic Change-Alliance to form CCC, the former died a few months later and now the party only exists in history.

CCC will most likely suffer the same fate.

The only thing that will make it relevant at least for the next four years is the presence of some of its legislators in Parliament.

Only one MP has resigned so far in solidarity with Chamisa while the rest have said they still have to consult their constituents.

Most of these MPs have survived the recalls which started last year as they are allegedly in good books with the self-imposed Secretary General, Sengezo Tshabangu, who is seen as a Zanu-PF proxy.

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