Connect with us

Foreign

Zimbabwe to introduce new currency in November — Official

Published

on

Zimbabwe to introduce new currency in November — Official


 

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 (ZBC), said that the new currency would be introduced in a move set to curb current cash shortages in the country.

“He commended President (Emmerson) Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs,” the broadcaster reported.

Zimbabwe’s last currency, the Zimbabwe dollar, became moribund in 2009 following a spell of hyper-inflation 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.

The U.S. dollar remained the dominant currency but became scarce over time and pushed the central bank to introduce bond notes and bond coins in 2016 to plug the resultant cash gap.

The bond notes and coins were at par with the U.S. dollar at their introduction but have over the years continued to lose value and are currently trading at around 14 to 1 U.S. dollar at the inter-bank rate.

The government also re-introduced the Zimbabwe dollar in June, although in electronic form, to run at par with the bond notes and RTGS dollars.

The government also banned the use of foreign currency as units of trade.

YEE

Edited by Emmanuel Yashim

Emmanuel Yashim: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

UAE donates 7.5 tonnes of medical supplies to Nigerian Govt. Police arrest human trafficking kingpin in Katsina State Lagos-Ibadan Rail to begin operations with 16 trips daily –  NRC Our borrowings are justified – FG says Military airstrike hits bandits’ camp, kills scores in Kaduna forest Ondo State governorship election: APC inaugurates national campaign council Number of migrants landing in Italy more than doubles in past year Sodomy: NAPTIP arrests labourer for luring 12 children in Sokoto Council sensitises mothers in Badagry on rape, child abuse Always cooperate with government, RTEAN urges transport unions Senegal’s COVID-19 cases surpass 12,000-mark with 160 new infections Arsenal head of football, Sanllehi, leaves club Skills acquisition programmes panacea to youth development – Ganduje Tinubu urges immortalisation of former United States Ambassador, Walter Carrington Sanwo-Olu mourns Lagos APC chieftain, Lanre Razak Corruption: Ganduje tasks anti-graft agency not to compromise School reopening: Kebbi Govt. trains 2,212 teachers on COVID-19 protocols  Buhari greets ex-NESG Chairman, Sam Ohuabunwa at 70 Gov. AbdulRazaq mourns former Deputy Speaker of Kwara Assembly Two COVID-19 patients discharged in Kwara 22 graduates bag 1st Class in Plateau varsity’s combined convocation Film contents registration: LSFVCB alleys stakeholders’s fears Nigerian traders in Ghana decry closure of their shops by Ghanaian authorities Umuezuo community in Imo seeks status of autonomous community Flick’s ‘brutal domination’ makes Bayern new favourites FCTA demolishes 134 houses in Apo Akpmajenya indigenous community Kwara Commissioner urges students to adopt Physiotherapy as career Hundreds of sea lions to be killed in effort to save endangered fish ‘Historic humiliation’: Spanish media flay Barca after Bayern debacle Bayern Munich’s massacre: Ebonyi soccer fans view Messi, Barcelona’s end Kwara Commissioner rewards ad hoc staff for commitment to duty Prominent Lagos politician Lanre Rasak dies at 74 Edo 2020: Ize-Iyamu distances self, APC from Etsako-West violence Lagos-Ibadan rail: Crowd cheers Amaechi, Mohammed as duo ride on new trains Fight over United States Postal Service underscores challenges it faces Israel describes UN rejection of Iran arms embargo as ‘disgrace’ Amaechi, Mohammed inspect Lagos-Ibadan rail project  My album, “Jehovah”, lifts people going through challenges — Gospel songstress Total blackout in Rivers as angry youths shutdown Afam transmission lines Police arrest pastor, 5 others for alleged child theft in A’Ibom Delta approves 3 additional private schools for JSS exams Buhari rejoices with Kingsley Osadolor at 60 COVID-19: survivors say mental health key to defeating virus Kogi Poly expels 25 students for examination malprcatice NBS says 21.76m Nigerians unemployed in 2020 Refugee Commission commends Humanitarian Affairs Minister Latin America’s coronavirus cases exceed 6m Militants attack kills 2 policemen in Afghanistan’s eastern Kunar province Britain marks 75 years since Japan’s defeat in World War II S/Korea capital returns to tougher social distancing rules as virus cases spike