As U.S. Dollars Dry Up, Zimbabwe Risks Becoming a Cashless Society

A currency trader performs a transaction, Harare, Zimbabwe, Oct. 28, 2016 (AP photo by Tsvangirayi Mukwazhi).
A currency trader performs a transaction, Harare, Zimbabwe, Oct. 28, 2016 (AP photo by Tsvangirayi Mukwazhi).

Zimbabwe is quickly moving toward becoming a cashless society as the country runs out of U.S. dollars, which the country has used as its currency since 2009. To counter the cash crisis, the government plans to introduce bond notes that will be exchangeable with the U.S. dollar, but many Zimbabweans suspect the government of trying to reintroduce a local currency. In an email interview, Knox Chitiyo, as associate fellow at Chatham House, discusses Zimbabwe’s cash crisis. WPR: How severe is Zimbabwe’s cash crisis, what factors have contributed to it, and what impact is it having? Knox Chitiyo: Zimbabwe’s current cash […]

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