Zimbabwe's Night Bazaar Boom as New Currency Flounders

As Zimbabwe's new currency struggles with depreciation, night markets offer affordable alternatives to traditional stores. These informal markets, unfettered by high overheads, attract consumers like Batsirai Pabwe. The currency crisis impacts formal retailers, who face rising costs and uncompetitive pricing against street vendors.

In the dim glow of cellphone flashlights and fluorescent lamps, night bazaars in Harare, Zimbabwe's capital, have become the lifeline for many shoppers like Batsirai Pabwe. Offering significantly cheaper groceries and essentials than traditional stores, these markets evade the economic turmoil of Zimbabwe's new currency.

The launch of ZiG, a gold-backed currency introduced in April, was intended to stabilize an economy riddled with hyperinflation and currency depreciation. However, seven months on, the currency is floundering, widening the gap between official and black market exchange rates. As a result, traditional retailers struggle to compete with informal traders operating at night.

With overheads like energy costs and taxes impacting formal stores, vendors in the bustling open-air markets flourish with better bargains. The shift to these informal economies is stark, with 80% of Zimbabwe's workforce relying on them. For individuals like Pabwe, it's a means to navigate the volatile value of ZiG and find affordability.

(With inputs from agencies.)