The total value processed by the National Payments System has almost halved compared to same time last year making $1.9 billion from 36 million transactions in September. That compares with a monthly average of $4.2 billion last year, from about 120 million monthly transactions.
The Zimbabwe dollar transactions nearly halved in volume and value terms since the end of last year on banking and mobile-banking platforms, according to exclusive data from the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya.
Zimbabwe Monetary authorities have struggled to successfully reintroduce Zimbabwe’s own currency into the economy after abandoning its unit for more than a decade because of hyperinflation in the late 2010s.
Increase in the use of US dollars in the economy does, however, mean that companies have sufficient foreign exchange to import capital equipment without using the central bank auction, alleviating an obstacle to trade that other countries have faced because of a strong US currency.
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