Top US economist Steve Hanke ranks Zimbabwe's currency as second worst globally

By bne IntelliNews March 13, 2025

A prominent American applied economics professor, Steve Hanke, has ranked Zimbabwe's 11-month-old currency as the second worst performer worldwide, estimating it has lost 50% of its value on-year against the dollar.

Writing on his X handle on March 11, the John Hopkins University lecturer said the Zimbabwe Gold (ZWG) was only outperformed by the Venezuelan bolivar, which he said has weakened on-year by 52% against the greenback.

Hanke ranked the Iranian rial as the third worst tender globally having lost 33% of its value against the dollar. Ethiopia's birr, he added, has weakened by 24% year-on-year. 

Zimbabwe introduced the ZWG in April 2024 after inflation had destroyed its immediate predecessor, the bond. 

Bloomberg estimates that the note has weakened by up to 96% since then.  It was trading at 26.6 to the US dollar as at noon Zimbabwe time on March 13 but was substantially weaker on the parallel market at between 30 and 35.

Annualised US-dollar inflation was at 15% in February 2025 from 11.5% in January. ZWG inflation was pegged at 0.5% on a monthly basis in February 2025, from 10.5% in the month prior.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Venezuela's Citgo faces imminent ownership transfer amid US court auction

Venezuela stands on the brink of losing one of its most prized assets, Citgo Petroleum Corporation, following a protracted legal battle in the United States grounded in the country's tumultuous ... more

India halts Venezuelan oil imports amid US sanctions

India ceased oil purchases from Venezuela last April, coinciding with the United States' decision not to extend sanctions relief measures on Venezuelan crude, according to the spokesperson for Indian ... more

Venezuela rescinds EU election observer invitation

Venezuela has withdrawn an invitation for European Union observers to monitor the presidential election scheduled for July 28, raising concerns about the transparency of the upcoming vote.  ... more

Follow Us On

Most Read

  1. Kaliningrad becomes an energy island after Baltic States cut Russian grid connection
    1 month ago
  2. Briefings reveal Nato chief called on EU and Turkey to improve relations amid pressing security concerns
    2 days ago
  3. Poland's adjusted income to overtake Japan's by 2026
    7 months ago
  4. Iran strikes oil deposits estimated at 5bn barrels worth $346bn
    2 days ago
  5. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    10 months ago
  1. Ukraine doesn't have any rare earth metals, and the strategic minerals it does have are not worth trillions of dollars
    18 days ago
  2. US administration 'misinformed about Romanian elections', says presidential candidate Nicusor Dan
    18 days ago
  3. Putin says sanctions have strengthened, not weakened, Russian economy
    20 days ago
  4. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    10 months ago
  5. Kaliningrad becomes an energy island after Baltic States cut Russian grid connection
    1 month ago

Reports

Dismiss