Zimbabwe currency

Zimbabwe currency

Zimbabwe says no plans to introduce new currency


Zimbabwe reserve bank and the country’s information ministry have been forced to deny rumours that a new national currency is being introduced.

“This has no base in fact or reality,” the information ministry said in a tweet, adding, “this needs to be dismissed with the contempt it deserves.”

“The country shall continue to use the multi-currency system,” the Reserve Bank of Zimbabwe confirmed.

Bond notes, which can only be traded in Zimbabwe, were introduced in 2016. They were brought in because of a shortage of US dollars and South African rand – the main currencies in daily use after rampant inflation killed off the old Zimbabwean dollar in 2009.

But inflation means that bond notes are losing their value – and many people prefer to US dollars or EcoCash, a mobile phone payment system. (BBC)

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