The hyperinflationary environment leading up to 2009, where the annual inflation rate peaked at 236 million percent by September 2008 (when the Zimbabwe National Statistics Agency discounted reporting annual inflation), destroyed the value of the Zimbabwe dollar, forcing Government to abandon it in February 2009.
Tawanda Musarurwa
Pensioners and policyholders — whose Zimbabwe dollar-denominated lifesavings and policies went up in smoke after the currency changeover in February 2009 — might finally be compensated for their losses this year, as pension funds and insurance entities have begun computations and “relevant preparations” to make the much-awaited payouts.
The Insurance and Pensions Commission (IPEC), which is the industry regulator, recently issued Circular 5 of 2023 to expedite the process, once drafting of the pre-2009 compensation regulations is co...