Triple spending: Zimbabweans bear cost of changing to new ZiG currency | Business and Economy News [Video]

Harare, Zimbabwe – At a shopping centre in Glenview, a busy working-class suburb of Zimbabwe’s capital, Harare, carpenter Arnold Mutiri stopped to buy a 2-litre (half-gallon) Mazoe Raspberry drink.

The price tag said US$3.70. With Zimbabwe’s volatile currency and years of economic crisis, most goods are priced in more stable United States dollar amounts with customers receiving their small change in local currency.

Mutiri handed the shopkeeper four US$1 bills and waited for his change. But the shop had none available. The 37-year-old then tried to pay the full amount in ZWL, Zimbabwe’s outgoing currency, which locals call bond notes, but the till operator refused to accept it, telling him to buy something else or forfeit the balance.

The scenario is one many Zimbabweans now face on a daily basis since the country launched its new currency, Zimbabwe Gold, or ZiG, two weeks ago, Mutiri said, lamenting how people have to budget more …