Sunday, July 21, 2024
HomeLocal NewsHyperinflation trauma: Zimbabweans’ uneasy new dollar

Hyperinflation trauma: Zimbabweans’ uneasy new dollar

The move was bold, and many did not see it coming.

In a bid to defend the new and fledgling Zimbabweandollar against black market speculation, the country’s finance minister on June 25 outlawed using United States dollars and other foreign currencies in local transactions. When news of the policy broke, Harare-based independent economist John Robertson thought it was a bad practical joke.

Zimbabwe’s finance minister, Mthuli Ncube, had hinted on several occasions that a new Zimbabwean dollar was in the works. The country had already made a move toward it earlier this year, when it introduced an interim currency, the Real Time Gross Settlement (RTGS) dollar or “Zimdollar”.  SOURCE: News24

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments

Observer. on SEX PILLS IN WATER
Dr. I.P.A. Manning on THE BAN OF POACHERS IN ZAMBIA
Lulumbi on EXPENSIVE WORSHIP
Patrick Bwalya on THE ALEX CHOLA FACT-FILE
Patrick BWALYA on DRIVER HACKED, LEFT FOR DEAD