RBZ interbank exchange rate as ZiG reclaims top spot as world’s ‘weakest’ currency

The Reserve Bank of Zimbabwe has released latest figures on the interbank exchange rates, as well as prices for gold coins and digital tokens.

Meanwhile, the Zimbabwe Gold (ZiG) has reclaimed top spot from previous position as the world’s weakest currency.

According to American economic analyst Professor Steve Hanke’s Currency Watchlist, Zimbabwe’s inflation is the highest at 1265/ per year.

“This week’s top 5 inflators: 1.🇿🇼 Zimbabwe (1265%/yr), 2.🇸🇸 South Sudan (367%/yr), 3.🇸🇩 Sudan (156%/yr), 4.🇳🇬 Nigeria (111%/yr) and 5.🇲🇲 Myanmar (75%/yr).

Hanke has linked Zimbabwe’s inflation to the growth in money without corresponding production.

Zimbabwe’s money supply (M2) is soaring at 253 percent per year, Professor Hanke noted recently.

Apparently, external influences in the form of changes in crude oil prices, the South African Rand/United States (US) Dollar exchange rate and the CPI for South Africa are also being viewed as the main factors currently explaining inflation dynamics in Zimbabwe.

Zwnews