Zimbabwe adopts new inflation rate based on U.S. dollar, local currency
Previously the official rate was based only on items in the local currency
Zimbabwe adopts new inflation rate based on U.S. dollar, local currency
Previously the official rate was based only on items in the local currency
BY REUTERS
HARARE – Zimbabwe will from now on measure inflation using a weighted average of items priced in Zimbabwean dollars and U.S. dollars, the government said on Friday.
Previously the official rate was based only on items in the local currency.
The U.S. dollar is widely used in the country alongside the Zimbabwe dollar and South African rand.
The government relaunched the Zimbabwean dollar in 2019 after a decade of dollarisation, but in 2020 it authorised the use of foreign currencies as part of measures to respond to the Covid-19 pandemic.
Last year, it said the multi-currency system would be maintained for a further five years.
Blended inflation for February stood at 92.3 percent year-on-year compared to 101.5 percent in January, the statistics agency said. – Reuters
