A newbie joined the anti-dollar coalition. Zimbabwe decided to team up with Russia and Iran in their joint anti-dollar struggle. As the saying goes “Help came from unexpected sources”. Curiously enough, given the fact that the country uses the dollar not only in international trade, but also as a national currency since 2009.
Indeed, it is very convenient. The country does not have to print its own money or bother with protection measures against currency counterfeiting and so on. What is more, the US currency is not in the limit in the world. There are plenty of it for many countries! Zimbabwe thought likewise. As a result, the country received a secure and freely convertible currency. However, the new leader of Zimbabwe decided that it was time to think about their own currency. Not just think, but make these bold dreams come true! It is not specified yet what it is going to be: shells, skins of dead animals or less exotic option. Nevertheless, the quasi-currency, which is officially called bond notes and is tied to the US dollar, can no longer be exchanged in the ratio of 1:1. This new currency will be traded in the new interbank currency market.
In this case the main reason for the "refusal" of the dollar was its banal shortage. The country has been experiencing the dollar cash deficit for several months. Due to these reasons, the exchange rate rose sharply in the black market, while the "electronic" dollars were still trading at the rate of 1:1. The current leader of Zimbabwe Emerson Mnangagwa took charge of the country in August last year, having won the elections. He took office after Robert Mugabe had been ousted from power. The latter ruled the country for about 40 years.
