This is an opinion by Thabo P. Ncube, a Bitcoiner who lived through Zimbabwe’s hyperinflation in 2008.
The Reserve Bank of Zimbabwe (RBZ), the fiat custodian and lender of last resort in the country, recently “liberalized” its much-vaunted foreign exchange auction trading system in hopes of selling foreign currencies at market-determined exchange rates through regulated banks.
Zimbabwe uses a multi-currency system, with 80% of its economy being dollarized, according to economists. The black-market rate for the U.S. dollar (USD) has recently been twice as high or even higher than the official rate backed by the RBZ.
In January 2023, the local Zimbabwean dollar (ZWL) was trading at about ZWL$705 to $1, but on June 7, 2023, just after the bank’s pivot, the official price was about ZWL$4,868 to $1. Just a day earlier, the black-market rate was reported to be around ZWL$7,000 to $1.
Meanwhile, the month-over-month inflation rate in Zimbabwe was measured at 15.7% in May 2023, while
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