Tendai Biti, a former Zimbabwe finance minister, has warned of economic "disaster" if the current administration of President Emmerson Mnangagwa decides to ditch the dollar.
" Zimbabwe's government banned the use of foreign currencies as legal tender in 2019. President Mnangagwa said at the time that the country's economy was "at the mercy of US dollar pricing, which has been a root cause of inflation," per BBC.
However, the country was forced to reverse the ban in June 2022 to rein in inflation."
Source:
https://markets.businessinsider.com/news/currencies/dedollarization-former-finance-minister-zimbabwe-economic-disaster-dollar-africa-brics-2023-9
However, the country was forced to reverse the ban in June 2022 to rein in inflation."
Source:
https://markets.businessinsider.com/news/currencies/dedollarization-former-finance-minister-zimbabwe-economic-disaster-dollar-africa-brics-2023-9
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