Cuthbert Gudza, 33, a street money trader, repairs damaged U.S. banknotes, outside a shopping centre, in Kuwadzana township, Harare, Zimbabwe January 18, 2023. REUTERS

Despite promises by Zimbabwean Finance Minister Mthuli Ncube to stabilise the southern African country’s currency, it keeps plunging with the Reserve Bank of Zimbabwe (RBZ) auction results showing that the exchange rate stands at Z$732 against the US dollar, up from Z$705 last month.

The Zimbabwean dollar’s (ZWL) free-fall is attributed to fiscal and monetary policy failures, as well as the authorities’ inability to deal with the thriving illegal foreign currency trade in the country.

Black market transactions are openly conducted in the streets unabated despite government threats to arrest money dealers.

Source: Africa Report