Imagine the confusion in Zimbabwe following last week’s reintroduction of the US dollar. The courts have spent months bashing any notion that the US currency has a place in Zimbabwe, and maintaining that, for the purposes of contracts entered into previously, the US dollar and its replacement are on par.

When the US dollar was reintroduced last week, however, the reserve bank governor had to admit reality: the exchange rate for local transactions would be fixed at Z$25 for every US dollar...

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