Dear ZIMBOCASH family,
As we write this, Zimbabwe is entering hyperinflation again. When we went live with our ZASH vendor program the price of bread was Z$ 115, today the price is over Z$ 900. That is almost nine times the price it was two months ago.
It is not just the Zim dollar — the US dollar is also deteriorating fast in trade. When we started this program the price of bread was US$ 0.50, today using the relative street rate, it is just under US$ 1.50. That is almost a 3 times increase in two months.
How can anyone save in US dollars when the amount you can buy with those savings reduces so significantly?
The only solution to Zimbabwe’s problems is sound money. Money printing is the fundamental cause of inflation and the only solution to this problem is to fix the supply of money. This is what we are doing with ZIMBOCASH. There is a finite amount of ZASH. Once they are allocated to people, no more can be created.
Update from our side
Our pilot program has been working really well. People have been queuing in front of the store from 4am in the morning to be able to buy their food with ZASH.
In this program, vendors can sell their goods to ZASH users at an exchange rate of US 2c per ZASH. The market maker cashes out the vendors at the same rate.
We are in conversations with several vendors and in particular, few farmers, to bring their produce into the vendor program. They will be supplying to the informal market, starting in Bulawayo. We want to incentivise entire supply chains to use ZASH.
We are working on implementing our Buy Now button to enable users to buy more ZASH using Zim dollars, rands and other currencies. We will keep you posted as it progresses.
There are many moving parts and we ask for your patience. We need to increase the number of vendors, we need to incentivize the broader supply chains and we need to increase the broader on-ramps set up inside of the wallet.
As a diversified team inside Zim and across the nations, our hearts are together with you as the pain of hyperinflation begins to set in once again.
Our entire team is passionate about seeing the dream of sound money becoming a reality in Zim. Thank you for your patience.
If you have not yet signed up to receive your free ZASH, you can do so at: www.zimbo.cash/register. You can also sign up when you download the ZASH app.
Kind Regards
The ZIMBOCASH Team
