A bumpy journey to economic stability
AFTER years of grappling with hyperinflation, Zimbabwe has taken bold steps towards stabilising its economy. In a major turnaround, the country cut inflation rates from over 300% in 2020 to 92% in February 2023. In an innovative, if drastic, step to scale down stubbornly high inflation numbers, the Reserve Bank of Zimbabwe has now introduced digital tokens backed by gold reserves to complement the national currency. The digital tokens can be transferred between people and businesses as a form of payment and are projected to stabilise the Zimbabwean dollar. According to Reserve Bank of Zimbabwe Governor John Mangudya, the digital…