ARTICLE · 18 JUNE 2014

Zimbabwe’s Currency Crisis

ENS

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Members of the Zimbabwe ruling party’s decision making body told Bloomberg in April 2014 that Zimbabwe is considering the reintroduction of the Zimbabwe dollar.

South AfricaGovernment, Public Sector

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Members of the Zimbabwe ruling party's decision making body told Bloomberg in April 2014 that Zimbabwe is considering the reintroduction of the Zimbabwe dollar as it struggles to meet its monthly wage bill.

In May Zimbabwe's Treasury postponed the pay dates for its 230 000 public workers the second time in two consecutive months, after having awarded civil servants a 23% increase in April to honour a 2013 election promise made by President Robert Mugabe and the Zanu PF. The rise resulted in an increase in the wage bill from USD100 million to USD150 million, while government wages have already been consuming 75% of State Revenue in 2013 as compared to an IMF recommended average of 40%.

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