
Audio By Carbonatix
Zimbabwe has reintroduced the use of foreign currencies for domestic transactions, which it had banned last June, in the wake of the coronavirus outbreak.
The move announced on Thursday is expected to help the country to access private foreign exchange savings as it gears up for the battle against the virus.
Zimbabwe had used a number of foreign currencies since hyperinflation forced the government to ditch the Zimbabwe dollar in 2009. Last year's ban on foreign currency was intended to restore normalcy to the economy.
The country’s central bank has also reduced its main lending rate to 25% from 35% and set a fixed exchange rate as part of measures to support the economy against the pandemic.
John Mangudya, the central bank’s governor, said he expected banks to cut lending rates to customers.
Officially, Zimbabwe has so far recorded five cases of coronavirus, including one death.
The country has a long-standing health sector crisis and doctors have only recently returned to work after a protracted strike over low salaries and poor working conditions.
On Wednesday, junior doctors stopped work citing a shortage of protective equipment which they said put them at risk of contracting the virus.
Latest Stories
-
Four dead, 14 injured in Dawadawa Highway crash
2 hours -
Ga Mantse, Spanish Ambassador discuss Hola Accra Music Festival
2 hours -
President Mahama reflects on the birth of Kwahu Business Forum at 2026 event
2 hours -
How Dr. Joseph Bonney’s ‘No Bed Syndrome’ moved from Ghana hospitals to global use
2 hours -
President Mahama emphasises need for stable and predictable cedis
2 hours -
Deliver quality or be penalised, GETFund Administrator cautions contractors
3 hours -
President Mahama urges Ghanaian businesses to prioritise tax compliance and succession planning
3 hours -
Invest in start-ups and explore mergers – President Mahama urges Ghanaian businesses
3 hours -
Mahama confirms progress on 24-Hour Economy initiative at Kwahu Business Forum
3 hours -
Parliament passes Ghana Investment Promotion Authority (GIPA) Bill
3 hours -
New airport infrastructure tax – a costly own goal that ground Ghana’s aviation ambitions
4 hours -
Sachet water price increase: Why Ghana urgently needs a competition law to address price fixing and cartel conduct
4 hours -
Ex-President Akufo-Addo visits President Mahama in Kwahu during Easter festivities
4 hours -
There is no imminent fuel shortage – President Mahama assures Ghanaians amid Iran conflict
4 hours -
Gov’t to expand Accra International Airport with new car park, retail spaces, and airport hotel
4 hours
