Zimbabwe's US dollar stocks continue to decline

Zimbabwe's US dollar stocks continue to decline
Published: 02 March 2017 (421 Views)

A new report has raised fears that the United States dollar could be completely wiped out of the Zimbabwean market, with disastrous consequences on the fragile economy.

The report, authored by researchers at advisory firm, MMC Capital and dispatched to clients last week, warned of potential deterioration of current foreign payment problems and warned that companies faced the risk of failing to import raw materials.

It said since the introduction of bond notes by the central bank in November, circulation of US dollars had declined, with the view that the public was withholding of substantial amounts of the greenback and only transacting using bond notes.

The amount of US dollars in circulation has been dwindling, MMC said.

- Fin Gaz

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