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Thursday, 5 May 2016

Zimbabwe to print own version of US dollar


Zim dollar note
 
Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.
Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (£140m) support from the Africa Export-Import Bank.

The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.
Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.
Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.


Zimbabwe market scene
 
The central bank brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.
Mr Mangudya said the bank was still working on a design for the new notes, but they should be in circulation "within the next two months",

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