The Zimbabwean government has for the first time acknowledged that the Zimbabwe dollar has no value, after acting Finance Minister Patrick Chinamasa, on Thursday, 29 January, detailed the country’s budget proposal in the US greenback. The proposal, which will officially pave the way for the disappearance of the local currency in trading, will make dealing in multiple currencies legal for all Zimbabweans, in theory to curb hyperinflation. The inflation rate is the highest in the world and has seen the local dollar crumble to its current worthless position. The economy has for weeks been informally ‘dollarised’ with almost all sectors trading in US dollars (and the SA Rand), and the new budget proposal has made the move official.
See the Now a 100 trillion dollar note! posting of 22 January 2009
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