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.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
IDB says historical vulnerability analysis on El Salvador should not be read as current assessment
The Inter-American Development Bank has cautioned that a historical analysis grouping El Salvador among Latin America's most financially vulnerable economies should not be read as an assessment of ... more
COP30: European governments back $2.5bn Congo Basin protection plan, alongside Brazil’s TFFF
European governments and multilateral lenders have endorsed a $2.5bn programme to support conservation in the Congo Basin, the world’s second-largest rainforest, in an initiative led by France and ... more
Brazil’s controversial oil tender proceeds with majors winning tracts
Some of the parcels disposed of were in the environmentally sensitive Foz do Amazonas Basin WHAT Critics slam Brazil as it auctions off 34 oil and gas exploration tracts WHY Brazil’s ... more