Zimbabwe new currency flops, killing dozens of businesses and hundreds of jobs

A man shows new Zimbabwe gold-backed currency after withdrawing from a local bank in Harare on April 30, 2024.

Photo credit: Reuters

Zimbabwe’s desperate measures to keep its new currency stable are proving to be double-edged, squeezing businesses to the point of closure and causing job losses.

The Southern African uses a multicurrency system, which is expected to continue until 2030, as it tries to end nearly two decades of dollarisation.