Zimbabwe's economy is in trouble, prices for goods and needs are rising, and the local currency is rapidly depreciating compared to the US dollar, reminding people of the hyperinflationary period in 2008.

The local currency's decline currently is worsening the economy`s problems. As of 13th of June 2023, the US dollar was and is trading on the parallel market at ZWL$ 8,500 a 13% decline from ZWL$ 7,500 it was trading on 6th June 2023. 

The RBZ exchange rate is currently trading at ZWL$ 5,978.6794 from ZWL 3,673.7718 it was trading at as of the 6th of June 2023. The Zimbabwean dollar has so far this month plunged more than 60% in value against the US dollar, after the government announced on 29 May 2023 measures to encourage the use of the local currency, as opposed to the dollar in a bid to tame inflation. 

Earlier this month, Zimbabwe`s main stock market temporarily halted trading to allow the market to ‘cool down’, after shares rallied on the back of a weakening Zimbabwean dollar. Every day, the cost of basic goods escalates in both Zimbabwean and US dollars. The ongoing local currency devaluation has reduced civil servant salaries and produced a financial crisis, which many people think can only be resolved if the nation switches back to using the US dollar as the sole and official currency. Retailers have hiked local currency prices; others are trading exclusively in U.S. dollars to cushion themselves from the weakening Zimbabwean dollar.

Despite the fact that the parallel rate is still declining, the combination of the official and unofficial exchange rates is still feasible if the government quickens the liberalization of the foreign exchange market, addresses the Reserve Bank of Zimbabwe's quasi-fiscal operations to relieve liquidity pressures, and keeps its stance on tight monetary policy to permanently restore macroeconomic stability and guarantee social stability.

Precise Management and Research Consultancy has the latest salary and benefits survey reports for the Zimbabwean Market.

What to expect :

• Prevailing Monthly Basic Salaries, Base Salaries, and Total Packages.
• How companies have implemented and adopted remuneration split models.
• Tax implications on paying salaries using a blend of USD and RTGS currency.
• Remuneration structures for blended salaries.
• Company vehicles with regards to : (a) school fees    (b)  medical aid        (c)  motor vehicles     and more ..........                 
•  For a quote of the comprehensive report kindly contact: Jackie Ngunda (+263 717 301 471)  or Email: info@precisemrc.co.zw