Zimbabwe’s central bank will introduce some notes and coins in the Zimbabwe dollar currency in the next two weeks, the latest step towards restoring the domestic currency, central bank governor John Mangudya said on Tuesday.
The new money, consisting of 5 dollar notes and 2 dollar coins, will be introduced gradually to avoid driving up inflation, Mangudya said. It will circulate alongside the bond notes and coins introduced in 2016 as a surrogate for U.S. dollars, which the country was then mainly using in lieu of its own currency.
The central bank unexpectedly reintroduced the Zimbabwe dollar on June 24, ending a decade of dollarisation. Zimbabwe had abandoned its own currency in 2009 after it was wrecked by hyperinflation.
“We thought of being conservative (in introducing low denomination notes and coins) and we will graduate with time,” Mangudya told reporters after a two-day monetary policy committee meeting.
It was the first meeting of the MPC since finance minister Mthuli Ncube appointed its members last month.
Zimbabwe is grappling with the worst economic crisis in a decade, marked by shortages of foreign exchange, fuel and medicines, three-digit inflation and 18-hour daily power cuts.
Latest Stories
-
Nigerian-born conquers childhood hearing loss to become KNUST’s overall best graduating student
22 mins -
ECOWAS Court orders compensation for violations against New Force’s Shalimar Abbiusi
34 mins -
Dreams FC denies allegations of attempting to sign Najeeb Yakubu
2 hours -
Election 2024: ‘Right to free and fair elections non-negotiable’ – Akufo-Addo
2 hours -
Kurt Okraku took out my passport from the U23 squad that travelled to Japan – Najeeb Yakubu alleges
2 hours -
Where hope fails: Ghana’s decaying home for the destitute
2 hours -
NDC Mining Committee for 2024 campaign refutes allegations of recruiting thugs for elections
2 hours -
Traction Control: A lifesaver with an off switch? Here’s why it exists
2 hours -
I don’t need anyman to woo me with money – Miss Malaika 2024 winner refutes pimping claims
2 hours -
”Kurt Okraku sabotaged my national team career because I refused to sign with Dreams FC” – Najeeb Yakubu
2 hours -
Businesses urged to leverage Generative AI for enhanced customer engagement
2 hours -
MultiChoice Ghana partners with Ghana Hotels Association to elevate guest entertainment
3 hours -
Bawumia’s music streaming app or Mahama’s pay-per-view TV channel?
3 hours -
Karpowership Ghana empowers 40 Takoradi Technical University students with scholarship
3 hours -
We expect significant reduction in prices of petroleum products in coming weeks – CEO AOMC
3 hours