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Zimbabwe to print own version of US dollar
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Zimbabwe to print own version of US dollar
Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.
Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (£140m) support from the Africa Export-Import Bank.
The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.
Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.
Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.
Africa Live: More on this and other African news stories.
But the BBC's Brian Hungwe in the capital, Harare, says that bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe.
Image copyrightAFPImage captionShoppers in Zimbabwe are not always able to use a the wide official range of currencies for all purchases
The governor stressed that the issuing of bond notes was not the first step on the way to reintroducing the defunct currency, the Zimbabwe Herald newspaperreports.
Mr Mangudya also introduced a number of other measures to steer people away from using US dollar cash.
This includes setting a $1,000 limit on how much cash can be taken out of the country.
He wants to encourage people to make greater use of the rand since a large portion of Zimbabwe's trade is with South Africa.
But our correspondent says that people are reluctant to hold rands as they are not confident that the currency will maintain its value against the dollar.
He adds that not all shops and traders accept the full range of currencies officially in use.
The central bank brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.
Mr Mangudya said the bank was still working on a design for the new notes, but they should be in circulation "within the next two months", the Herald reports.
Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (£140m) support from the Africa Export-Import Bank.
The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.
Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.
Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.
Africa Live: More on this and other African news stories.
But the BBC's Brian Hungwe in the capital, Harare, says that bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe.
Image copyrightAFPImage captionShoppers in Zimbabwe are not always able to use a the wide official range of currencies for all purchases
The governor stressed that the issuing of bond notes was not the first step on the way to reintroducing the defunct currency, the Zimbabwe Herald newspaperreports.
Mr Mangudya also introduced a number of other measures to steer people away from using US dollar cash.
This includes setting a $1,000 limit on how much cash can be taken out of the country.
He wants to encourage people to make greater use of the rand since a large portion of Zimbabwe's trade is with South Africa.
But our correspondent says that people are reluctant to hold rands as they are not confident that the currency will maintain its value against the dollar.
He adds that not all shops and traders accept the full range of currencies officially in use.
The central bank brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.
Mr Mangudya said the bank was still working on a design for the new notes, but they should be in circulation "within the next two months", the Herald reports.
kenlej- GURU HUNTER
- Posts : 1474
Join date : 2013-12-23
Age : 69
Re: Zimbabwe to print own version of US dollar
one of the funniest attempts by a central bank EVER to introduce a, 'currency!' And people who bought the decomissioned ZWD think this is USD parity! HA!!!
ReapAndSow73- GURU HUNTER
- Posts : 1898
Join date : 2015-08-13
Re: Zimbabwe to print own version of US dollar
It is funny towatch these idiots go nuts about a currency backed by 200 millionReapAndSow73 wrote:one of the funniest attempts by a central bank EVER to introduce a, 'currency!' And people who bought the decomissioned ZWD think this is USD parity! HA!!!
kenlej- GURU HUNTER
- Posts : 1474
Join date : 2013-12-23
Age : 69
Re: Zimbabwe to print own version of US dollar
I posted several articles about this in the other currency section. They make it quite clear that this is not an attempt to re-establish a Zimbabwe currency, only to ease the cash shortage.
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
- Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!
Re: Zimbabwe to print own version of US dollar
http://www.bbc.com/news/world-africa-26034078
FIRST paragraph:
"Once known for its billion dollar notes and hyper-inflation, Zimbabwe must be the only place in the world to have eight currencies as legal tender - none of them its own."
Wait! They have NO LEGAL TENDER??? NONE??? What about the 2008 or 2009 ZWD? It's defunct? Really?
LOL.
You think you're buying some historical bond in the form of a 2008 ZWD note? Who told you that?
Some guru told you there were ZWD exchanges? Really? How did that happen when the currency was decommissioned? It has been CANCELLED! It's like exchanging Confederate money - it is not legal tender in any way. It's collector's item. LOL!!
FIRST paragraph:
"Once known for its billion dollar notes and hyper-inflation, Zimbabwe must be the only place in the world to have eight currencies as legal tender - none of them its own."
Wait! They have NO LEGAL TENDER??? NONE??? What about the 2008 or 2009 ZWD? It's defunct? Really?
LOL.
You think you're buying some historical bond in the form of a 2008 ZWD note? Who told you that?
Some guru told you there were ZWD exchanges? Really? How did that happen when the currency was decommissioned? It has been CANCELLED! It's like exchanging Confederate money - it is not legal tender in any way. It's collector's item. LOL!!
ReapAndSow73- GURU HUNTER
- Posts : 1898
Join date : 2015-08-13
Re: Zimbabwe to print own version of US dollar
But, but, but .... they're printed on BOND paper .....
*****************
Trust but Verify --- R Reagan
"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18
Kevind53- Super Moderator
- Posts : 27254
Join date : 2011-08-09
Age : 24
Location : Umm right here!
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