Zimbabwe to introduce new currency

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Zimbabwe to introduce new currency

The Zimbabwean government has promised to introduce a new national currency. This is coming ten years after hyperinflation rendered the Zimbabwean dollar worthless.

President Emmerson Mnangagwa made this promise. He noted that since the country started using US dollars and the South African rand, the two local quasi-currencies have fallen sharply in value in recent years.

Quoting the president:

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

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

Mnangagwa acknowledged that the two local quasi-currencies called bond notes and RTGS were weakening rapidly. Hence, there comes the need to introduce a new one.

Zimbabwe’s economy has been in ruins since hyperinflation peaked at 500 percent and wiped out savings under President Robert Mugabe.

In addition, it is undergoing another bout of price rises and shortages of fuel and daily essentials, with inflation currently more than 75 percent. However, this development is 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. However, he gave no timetable for the introduction of the new currency. He said: “you will be informed about it”.

Africh Royale

Africh Royale

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