A prominent American applied economics professor, Steve Hanke, has ranked Zimbabwe's 11-month-old currency as the second worst performer worldwide, estimating it has lost 50% of its value on-year against the dollar.
Writing on his X handle on March 11, the John Hopkins University lecturer said the Zimbabwe Gold (ZWG) was only outperformed by the Venezuelan bolivar, which he said has weakened on-year by 52% against the greenback.
Hanke ranked the Iranian rial as the third worst tender globally having lost 33% of its value against the dollar. Ethiopia's birr, he added, has weakened by 24% year-on-year.
Zimbabwe introduced the ZWG in April 2024 after inflation had destroyed its immediate predecessor, the bond.
Bloomberg estimates that the note has weakened by up to 96% since then. It was trading at 26.6 to the US dollar as at noon Zimbabwe time on March 13 but was substantially weaker on the parallel market at between 30 and 35.
Annualised US-dollar inflation was at 15% in February 2025 from 11.5% in January. ZWG inflation was pegged at 0.5% on a monthly basis in February 2025, from 10.5% in the month prior.
Related Articles
Ghana advances talks to acquire Springfield’s WCTP2 stake to unlock stalled deepwater development
Ghana is holding advanced negotiations to acquire Springfield Exploration and Production’s stake in the West Cape Three Points Block 2 (WCTP2), according to Joy News, in what officials describe as ... more
South Africa and EU sign critical-minerals pact as Brussels announces €350mn in infrastructure support
South Africa and the European Union signed a major critical minerals partnership at a high-level trilateral summit in Pretoria on November 20, with President Cyril Ramaphosa, European Commission ... more
ExxonMobil lifts force majeure on $30bn Rovuma LNG in Mozambique as security outlook improves
ExxonMobil (NYSE:XOM) has lifted force majeure on the long-delayed Rovuma LNG project in Mozambique, paving the way for work to resume and pushing the $30bn development significantly closer to a ... more
Most Read
-
India’s smart metering push gains momentum
4 months ago
-
US expands oil sanctions on Russia
27 days ago
-
India’s smart metering push gains momentum
4 months ago