Thursday, October 3, 2019

Zimbabwe to introduce new currency in November

The Reserve Bank of Zimbabwe is to introduce a new currency in November, a member of the bank’s Monetary Policy Committee, said on Thursday.

Eddie Cross, a renowned economist, who made this known in an interview with State broadcaster Zimbabwe Broadcasting Corporation, said that the new currency would be introduced in a move set to curb current cash shortages in the country.

Zimbabwe’s last currency, the Zimbabwe dollar, became moribund in 2009 following a spell of hyperinflation and was replaced by a basket of multi-currencies which included the U.S. dollar, the British pound, South African rand, Botswana pula, Japanese yen, and the Chinese yuan.