News | Job Vacancy | Tv/Interviews | Scholarships | Educations | Entertainment | Biography | Got Talent's | Phones | Super Stories | Sports News | Comedies | Business | Relationship | Tech | Movies Series | Search
Posted by: Miss Ifeoluwa« on: October 06, 2019, 07:19:35 AM »The Reserve Bank of Zimbabwe set to introduce a new currency in November, a member of the bank’s Monetary Policy Committee, disclosed on Thursday. Eddie Cross, a renowned economist, who made this known in an interview with State broadcaster Zimbabwe Broadcasting Corporation (ZBC), stated that the new currency would be introduced in a move set to curb current cash shortages in the country. “He commended President (Emmerson) Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs,” the broadcaster reported. Zimbabwe’s last currency, the Zimbabwe dollar, became moribund in 2009 following a spell of hyper-inflation and was replaced by a basket of multi-currencies which included the U.S. dollar, the British pound, South African rand, Botswana pula, Japanese yen, and the Chinese yuan. The U.S. dollar remained the dominant currency but became scarce over time and pushed the central bank to introduce bond notes and bond coins in 2016 to plug the resultant cash gap. The bond notes and coins were at par with the U.S. dollar at their introduction but have over the years continued to lose value and are currently trading at around 14 to 1 U.S. dollar at the inter-bank rate. The government also re-introduced the Zimbabwe dollar in June, although in electronic form, to run at par with the bond notes and RTGS dollars. The government also banned the use of foreign currency as units of trade.
Obasanjo, a timeless statesman - Oba Makama by Miss Ifeoluwa
[Today at 08:53:52 PM] Blackout as Labour shuts down national grid by Miss Ifeoluwa [Today at 09:28:25 AM] Kansy Drops New Mp3 Single Wayside - Stream & Download by Mr. Babatunde [June 02, 2024, 11:59:50 AM] UCL final: Proper coach – Mourinho hails Ancelotti by Rajih [June 02, 2024, 08:50:58 AM] Champions League: Why Real Madrid always win titles – Mourinho by Rajih [June 02, 2024, 08:49:39 AM]
|