Audio By Carbonatix
Zimbabwe's banks have started trading what is effectively a new local currency after the central bank ended its policy of tying the country's own money to the US dollar.
The bond notes and electronic money have just been devalued by around 60% as the government seeks to lower inflation and stop US dollars being traded on the black market.
Bond notes were introduced in 2016 to make up for a US dollar cash shortage. Zimbabwe has been using US dollars after it abandoned its own currency in 2009 following a bout of hyper-inflation.
The bond notes were supposed to have the same value as the US dollar - but they have been trading on the black market at a much lower rate.
In theory, from Monday Zimbabweans will be able to go to banks to exchange their bond notes and electronic money for US dollars.
However with a serious shortage of dollars it is not clear how many will be available.
A recent fuel price increase led to protests which were broken up violently by the security forces.
Latest Stories
-
Western Regional Minister urges Ghanaians to use Christmas to deepen national cohesion  Â
17 minutes -
Thousands turn Aburi Gardens into a festive paradise at Joy FM’s Party in the Park
19 minutes -
Source of GOLDBOD’s trading funds questioned amid reported $214m loss
28 minutes -
Kind Hearted Beings Charity spreads joy during festive season
33 minutes -
Gun Amnesty: Take advantage before it expires on January 15 – Interior Ministry
35 minutes -
KNUST College of Engineering deepens industry partnerships to drive innovation and national development
2 hours -
Mammoth crowd turned up for 2025 edition of Joy FM’s Family Party in the Park
2 hours -
NDC can’t change the constitution alone – Minority MPs hold key role, says Barker-Vormawor
2 hours -
Parents of Persons with Disabilities call for affordable rehabilitation servicesÂ
2 hours -
Barker-Vormawor urges President Mahama to lead constitutional reform implementation
2 hours -
Dr Nyaho Nyaho-Tamakloe calls for abolition of ex gratia payments, excessive benefits for public officeholders
2 hours -
Dr Nyaho Nyaho-Tamakloe backs review of presidential immunity provisions in Ghana’s constitution
3 hours -
Dr Nyaho Nyaho-Tamakloe opposes presidential term extension
3 hours -
Dr Nyaho Nyaho-Tamakloe: On Ghana’s constitution review and the future of democratic governance
3 hours -
Victoria Bright supports lowering presidential age limit to 30
4 hours