Zimbabwe is considering the adoption of the South African Rand (ZAR) as its main transaction currency to replace the U.S. dollar in the country’s multi-currency system, according to Forbes. Zimbabwe has been primarily a U.S. dollar-based economy since 2008 when hyperinflation reached rates as high as 79.6 billion percent with prices taking about 24 hours to double. The U.S. dollar accounts for 95 percent of all transactions in the country today. In addition to the U.S. dollar, Zimbabwe allows the use of currencies including the ZAR, yuan, pound and the euro.

As of March 2016, 78 percent of exports from Zimbabwe went to South Africa and 22 percent of imports originated in South Africa.
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Last Updated on July 1, 2016 by Ramin Seddiq