Trade News
Recently, the Zimbabwean currency exchange rate has continued to fluctuate, and most retail supermarkets have changed their pricing to US dollars. Due to a lack of confidence in the local currency, the latest data shows that 80% of transactions in the Zimbabwe market are currently settled in US dollars.
One of the few large stores in Zimbabwe that uses New Zimbabwe Dollars for pricing, the exchange rate used on that day was 1 US dollar, equivalent to approximately 14000 New Zimbabwe Dollars.
The manager of a wholesale store in Zimbabwe stated that due to the continuous fluctuation of exchange rates, they must frequently change the prices of goods purchased by consumers. They are constantly adjusting prices and repositioning price tags.
In 2023, the exchange rate of the New Zimbabwean dollar against the US dollar plummeted by 90%, but it has still performed poorly this year. So far, the New Zimbabwean dollar has fallen by nearly 50% due to vicious inflation, and the Zimbabwean currency has been abandoned due to a significant depreciation. In 2019, Zimbabwe introduced the New Zimbabwe Dollar, but its performance remained poor.
Need to pay attention to the risk and difficulty of receiving payments.
The China Ecuador Free Trade Agreement coming into effect
Recently, the Zimbabwean currency exchange rate has continued to fluctuate, and most retail supermarkets have changed their pricing to US dollars. Due to a lack of confidence in the local currency, the latest data shows that 80% of transactions in the Zimbabwe market are currently settled in US dollars.
One of the few large stores in Zimbabwe that uses New Zimbabwe Dollars for pricing, the exchange rate used on that day was 1 US dollar, equivalent to approximately 14000 New Zimbabwe Dollars.
The manager of a wholesale store in Zimbabwe stated that due to the continuous fluctuation of exchange rates, they must frequently change the prices of goods purchased by consumers. They are constantly adjusting prices and repositioning price tags.
In 2023, the exchange rate of the New Zimbabwean dollar against the US dollar plummeted by 90%, but it has still performed poorly this year. So far, the New Zimbabwean dollar has fallen by nearly 50% due to vicious inflation, and the Zimbabwean currency has been abandoned due to a significant depreciation. In 2019, Zimbabwe introduced the New Zimbabwe Dollar, but its performance remained poor.
Need to pay attention to the risk and difficulty of receiving payments.
