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Zimbabwe’s president, Emmerson Mnangagwa promises new currency1 minute read

Zimbabwe has since used US dollars, the South African rand and, in recent years, two local quasi-currencies.

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Zimbabwe's president, Emmerson Mnangagwa promises new currency
Zimbabwe President, Emmerson Mnangagwa. (Photo by Jekesai NJIKIZANA / AFP)

Zimbabwean President, Emmerson Mnangagwa on Friday promised to introduce a new national currency, 10 years after hyperinflation rendered the Zimbabwean dollar worthless.

The country has since used US dollars, the South African rand and, in recent years, two local quasi-currencies that have fallen sharply in value.

“A country cannot develop using other countries’ currencies, without its own currency,” Mnangagwa said.

“As a country we should have our own currency. We have already started that journey.”

He acknowledged that the two local quasi-currencies, called bond notes and RTGS, were weakening rapidly.

“You sleep today with the rate at one US dollars to five… and the next morning it’s a one to six, one to seven, one to eight and so forth.

“And when they do that, the price of bread increases according to the exchange rate.”

Zimbabwe’s economy has been struggling since hyperinflation peaked at 500 billion percent and wiped out savings under president Robert Mugabe.

It is undergoing another bout of price rises and shortages of fuel and daily essentials, with inflation currently more than 75 per cent, putting basic goods beyond the reach of many Zimbabweans.

Mnangagwa’s efforts to attract investment and create jobs have floundered since he came to power in 2017.

He gave no timetable for the introduction of the new currency, saying simply, “you will be informed about it”.

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UK to Invest £1.3 Billion in Kenya

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British Prime Minister, Boris Johnson has pitched £1.3 billion worth of (about Sh170 billion) business opportunities to a Kenyan delegation led by President Uhuru Kenyatta at the inaugural UK-Africa Investment Summit held in London as part of the United Kingdom’s post-Brexit economic plan.

A statement by the British High Commission in Nairobi says the deals cut across housing, finance, renewables and entrepreneurship “will create a new lasting partnership that will deliver more investment, jobs and growth to Kenya.”

The summit comes at a time British corporate giants in Kenya such as Barclays, British luxury carmaker, Land Rover, Standard Chartered Bank , British American Tobacco  and Unilever are struggling to fend off a stiff challenge from aggressive rivals.

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Sudan plans airline revival

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Sudan announced on Tuesday, that it is in talks with Airbus over a deal to supply eight new planes to its state carrier.

According to a statement from Sudan’s finance ministry, a delegation representing the European manufacturer has met the ministers of finance and infrastructure to discuss the deal and revamp Sudan Airways’ fleet

The document further explains that Airbus has also proposed to provide technical support,  without giving details on the financial aspects of the deal.

The manufacturer has commented on the proposal.

Sudan Airways has suffered heavily over the years from trade sanctions imposed by Washington in 1997, with most of its fleet grounded.

Washington lifted the sanctions in October 2017 but the airline has still not been fully operational due to difficulties in procuring spare parts.

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Trump to expand travel ban to seven countries

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United States President, Donald Trump has confirmed plans to expand a travel ban that bars citizens of certain countries from entering the United States adding seven countries to a group of countries subject to travel restrictions, including Nigeria, Africa’s most populous country, alongside others on the continent and Asia.

The new restrictions will apply to travelers and immigrants from Belarus, Eritrea, Krygrzstan, Myanmar,Nigeria, Sudan and Tanzania.

The ban is one of the most controversial undertakings by the Trump administration, having received backlash from some leaders in the U.S. as well as foreign leaders.

The Supreme Court in a 5-4 ruling in 2018, upheld a version of the ban that blocked nationals from five Muslim-majority countries from entering the United States. The ban applies to people from Iran, Libya, Syria, Somalia and Yemen.

The ban upheld by the high court was a watered down version of the original White House proposal, which barred people from Iran, Libya, Syria, Yemen, Somalia and Sudan from coming to the United States for 90 days and banned all refugees for 120 days.

Trump'[s presence at the 2020 Davos comes just a few days before the U.S. senate begins his impeachment trial.

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