Audio By Carbonatix
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
-
Diaspora Nasara Caucus congratulates Mohammed Ali Suraj, new NPP executives
31 minutes -
Dr Antwi-Boasiako’s cybersecurity book showcased at UN crime prevention congress
33 minutes -
We will empower the grassroots and protect every vote – NPP’s 1st Vice Chair Kojo Bamba
43 minutes -
I do not see myself as better than anyone – NPP’s 1st Vice Chair Kojo Bamba
1 hour -
Police blur the line between invitations and arrests – Reindorf Twumasi Ankrah
2 hours -
Turning invitations into arrests is making citizens reluctant to assist police – Twumasi Ankrah
2 hours -
The Traffitech-GH SMS spot-fine system: The good, the sad, and the funny – Bright Simons writes
3 hours -
Hawa Koomson pledges experienced and mature leadership of NPP women’s wing
4 hours -
Young woman found dead at Kasoa Peace Town
4 hours -
Playback: The Law examined lawful arrest in Ghana
5 hours -
Mahama urges African governments to treat healthcare as an investment, not budget cost
5 hours -
Bawumia congratulates John Boadu and new NPP executives, pledges support ahead of 2028
5 hours -
Aksa Energy delegation pays courtesy call on GRA Commissioner-General
5 hours -
‘No talent should be left out’ – Bawumia pledges inclusive NPP campaign for 2028
5 hours -
Prof. Mike Oquaye recounts how he blocked the Special Prosecutor’s attempt to arrest Bawku Central MP
6 hours