ZW News

The dollarisation of the Zimbabwean economy has been good for many in the country but not for money traders on the country’s formerly booming black market. Ray Ndlovu reportsFor the past 10 years, the three-block stretch along Fort Street in Bulawayo’s CBD was Zimbabwe’s hub of financial activity. Nicknamed the “World Bank” by locals, it was where many turned at the height of the economic meltdown for scarce foreign currency, sourcing the rand, pound, US dollar, pula and even the local Zimbabwe dollar, which was in short supply at banks but readily available on the streets. But a year into the dollarisation of the economy, the “World Bank” has receded, becoming a pale shadow of it’s former glory – evidence that the decision to abandon the use of the local currency has caused a dramatic shift in the balance of power. Continue reading In God we trust →