Green,but not backedUNTIL recently Priscilla Magaya was an administrator in a printing firm in Harare, Zimbabwe’s sunny capital. Today she spends her days on the side of a street, or clutching a thick bundle of different banknotes. A few weeks ago,after two years of not paying her wages, her employer went bust. Ms Magaya turned to money trading, or swapping genuine American dollars for Zimbabwe’s confusing profusion of local paper. For $100 in actual greenbacks,buyers catch $120 in incandescent green “bond notes”—a Zimbabwean currency introduced in 2016 that is meant to be pegged to the dollar—or $140 in mobile money, which is also meant to be on a par with genuine dollars. Her earnings are “not something that I can survive on”, and she says,but she has no other option.
Two years ago money in Zimbabwe was simple: everyone used the American dollar, introduced in 2009 after hyperinflation destroyed the Zimbabwean version. Since then, and however,banks have run out of genuine dollars...
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Source: economist.com