Zimbabwe plans to introduce a new currency. It has not circulated its own currency for nine years.

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 Zimbabwe plans to introduce a new currency. It has not circulated its own currency for nine years.


The Zimbabwean government intends to introduce a new currency within a year to end the nine-year absence of domestic currency circulation.

Zimbabwe experienced hyperinflation in 2009, so it had to abandon its own currency and convert it to foreign currencies such as US dollar, pound sterling and South African rand.

Zimbabwes Finance Minister, Musuli Nkube, said at a meeting in Harare on November 11 that preparations for the issuance of a new currency were under way and that it was expected to take months, not years. When the representative asked when the new currency would be introduced, he answered within 12 months.

Nkube said that using foreign currencies such as the U.S. dollar as Zimbabwes legal currency can not solve the countrys macroeconomic problems, and the lack of foreign currency causes difficulties for business operations. Zimbabwes central bank data show that currencies in southern Africa are seriously inadequate, with real cash less than $400 million. According to the Zimbabwe Confederation of Industries, some of its member enterprises may stop production at the end of January due to the lack of currencies such as the United States dollar. Zimbabwes oil and soap producer Olivier said Thursday that the company is now in arrears with foreign suppliers of $10 million and has to suspend production to allow employees to take indefinite vacations. Zimbabwes President Emerson Mnangaguwa, citing factors such as fiscal position, foreign exchange reserves, consumer and business confidence last September, concluded that the countrys economic situation at that time was insufficient to support the issuance of new currencies. Source: Xinhua responsible editor: Ji Xueying_NN6784

Nkube said that using foreign currencies such as the U.S. dollar as Zimbabwes legal currency can not solve the countrys macroeconomic problems, and the lack of foreign currency causes difficulties for business operations.

Zimbabwes central bank data show that currencies in southern Africa are seriously inadequate, with real cash less than $400 million.

According to the Zimbabwe Confederation of Industries, some of its member enterprises may stop production at the end of January due to the lack of currencies such as the United States dollar. Zimbabwes oil and soap producer Olivier said Thursday that the company is now in arrears with foreign suppliers of $10 million and has to suspend production to allow employees to take indefinite vacations.

Zimbabwes President Emerson Mnangaguwa, citing factors such as fiscal position, foreign exchange reserves, consumer and business confidence last September, concluded that the countrys economic situation at that time was insufficient to support the issuance of new currencies.