Zimbabwe’s central bank has said that the country’s new bank notes and coins will be in circulation in November this year.
The Zimbabwe dollar currency was re-introduced this year after the country abandoned the US dollar as its official currency.
This was to stabilize Zimbabwe’s economy which is still struggling to survive and currently in crisis.
Zimbabwe’s President, Emmerson Mnangagwa in June said his country needed another new currency by end of year.
He argued that this would help stabilise prices and inflation.
Zimbabwe’s central bank governor John Mangudya told reporters on Tuesday that 5 dollar notes and 2 dollar coins, will be introduced gradually to avoid driving up inflation.
John Mangudya further noted that these new bank notes and coins will circulate alongside the bond notes and coins introduced in 2016 as a surrogate for U.S. dollars.
“We thought of being conservative (in introducing low denomination notes and coins) and we will graduate with time,” Mangudya told the media after a two-day monetary policy committee meeting.
It is not certain how this new currency will change the dynamics of the Zimbabwean economy.
Source: Africafeeds.com
