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
-
Akufo-Addo’s tenure has left Cocoa communities poorer, says Joyce Bawah
5 mins -
Suspension of Foreign Exchange Licence does not affect normal banking operations – CBG
19 mins -
Over 1K SMEs assessed for technical support to export in short and medium terms – GEPA
45 mins -
Lydia Alhassan confident of retaining Ayawaso West Wuogon seat
47 mins -
STEM, TVET to boost entrepreneurship and self-reliance in Zongo communities
48 mins -
Ghana Academy of Arts and Sciences inducts new fellows
49 mins -
‘For our future, choose peace’ – Pupils advocate peaceful elections
49 mins -
Ongoing operation to safeguard border will not restrict voting rights – GIS Volta
1 hour -
Bosomtwe will see massive upgrade under my presidency – Bawumia
1 hour -
Mahama blames NPP for collapse of PBC
1 hour -
GHS suggests bringing back COVID-19 protocols to combat Cholera spread
1 hour -
Nursing and Midwife trainees threaten to vote against NPP over unpaid allowances
1 hour -
Merging struggling entities won’t fix energy sector, timing is crucial – IES boss
2 hours -
AGI promotes socioeconomic growth by nurturing small and micro enterprises
2 hours -
Party leaders urged to encourage supporters to desist from violent acts
2 hours