Wednesday 17 July 2019 ,
Wednesday 17 July 2019 ,
Latest News
  • 73.93 pc pass HSC, equivalent examinations; 47,286 students secure GPA 5
  • Now food safety agency finds lead in milk of 11 brands
  • DU students demand ending affiliation with 7 colleges
  • Anti-mosquito drive from July 25: LGRD Minister
  • HSC results acceptable, good: PM
25 June, 2019 00:00 00 AM
Print

Zimbabwe ends foreign currency use as inflation spirals

AFP, Harare, Zimbabwe

Zimbabwe announced yesterday that it would abandon the use of foreign currencies which replaced the local dollar that was swiped out by hyperinflation ten years ago.

The crisis-hit country is facing another bout of sharply rising prices, with official inflation now at nearly 100 per cent -- the highest since the hyperinflation era.

Zimbabwe's central bank said in a statement that official legal tender would be only the two local currencies -- bond notes and "RTGS" -- that were introduced as US dollar banknotes dried up.

The US dollar, South African rand and other foreign currencies "shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe," the bank said.

"Bond notes and RTGS dollars are at par with the Zimbabwe dollar."

Bond notes were introduced in 2014, while electronic RTGS (Real Time Gross Settlement) dollars came earlier this year.

President Emmerson Mnangagwa has promised to introduce a proper national currency soon.

Bond notes and RTGS dollars have in theory been worth the same as US dollars, but have fallen sharply in value.

Zimbabwe's economy has been in ruins since hyperinflation peaked at 500 billion percent in 2009 under president Robert Mugabe.

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

 

Comments

Poll
Today's Question »
State minister for power Nasrul Hamid yesterday said everyone to have access to electricity by June. Do you think the feat achievable by the timeframe?
 Yes
 No
 No Comment
Yes 48.8%
No 47.2%
No Comment 4.0%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
010203040506
07080910111213
14151617181920
21222324252627
28293031

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting