Monday, October 31, 2016

Zimbabwe To Unveil Bond Notes As New Quasi-Currency

Zimbabwe is unveiling a new form of currency in an effort to resolve an acute cash shortage. 

The national reserve bank is to start printing what it calls "bond notes". They will have a value equivalent to US dollars, and are supported by a $200m loan from the African Export-Import Bank. 

Today marks the launch of a public awareness campaign about the introduction of the bond notes in the coming weeks.

The scheme has sparked mass protests by people who fear a repeat of Zimbabwe's hyper-inflation seven years ago, when the central bank printed so much money that a loaf of bread ended up costing 100 trillion Zimbabwe dollars.  Hmm

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