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    You are at:Home»Business News»Zimbabwe to issue new currency notes to counter cash shortage
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    Zimbabwe to issue new currency notes to counter cash shortage

    Nasir AgbalayaBy Nasir AgbalayaAugust 21, 201901 Min Read
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    Zimbabwe to issue new currency notes to counter cash shortage
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    Zimbabwe will issue new notes and coins soon to replace the country’s quasi-currency that was introduced three years ago in a failed attempt to counter a crippling shortage of cash.

    The return to a fully-fledged local currency exchangeable outside the country’s borders will be backed by an undisclosed amount of foreign-exchange reserves, gold and loans, according to the country’s finance minister, Mthuli Ncube.

    Zimbabwe abandoned the Zimbabwe dollar in 2009, after a bout of hyperinflation in favour of a basket of currencies including the US dollar and the South African rand.

    In a bid to deal with the subsequent cash shortages, it introduced so-called bond notes and RTGS dollars in their electronic form, which are not accepted outside the country.

    Ncube re-introduced the Zimbabwe dollar in June, accompanied by a ban on the use of foreign currencies-leading to a rapid erosion of spending power with the local dollar trading at almost 10 to the greenback.

    Bond notes were officially said to be at parity as recently as February.

    Southern Africa southern africa business Zimbabwe
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    Nasir Agbalaya

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