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Zim to unveil new currency
Harare - Zimbabwe will introduce a new currency next year, phasing out bank notes introduced two years ago as a stop-gap measure to ease critical cash shortages across the country, a government daily reported Wednesday.
"Production is at full throttle as we speak," the state-owned Herald newspaper quoted a central bank official saying.
"Bearer's cheques and the other denominations will be phased out by the end of this year while the new currency will be introduced in January next year."
At the country's independence from British colonial rule in 1980, Zimbabwe's currency ranged from 1c to Z$1 coins and bank notes in four denominations.
But due to inflation the Zimbabwe government introduced four new denominations from 2001 while coins were informally phased out as the value of the Zimbabwean dollar continued to depreciate against major currencies.
Between May and September 2003 the country experienced critical cash shortages that saw depositors queuing for long hours to withdraw their savings.
The cash shortages prompted the Reserve Bank of Zimbabwe to introduce bearer's cheques in three denominations.
Economists attributed the unprecedented cash shortages to hyper-inflation. Zimbabwe has the highest inflation rate in the world which once peaked beyond the 600% mark.
But Reserve Bank Governor Gideon Gono appointed by President Robert Mugabe to turn around Zimbabwe's economy has set himself lofty targets to reduce inflation to single-digit levels by mid-2006.
Quelle:http://www.news24.com/News24/Africa/Zimbabwe/0,,2-11-1662_1670327,00.html
Zim to unveil new currency
Harare - Zimbabwe will introduce a new currency next year, phasing out bank notes introduced two years ago as a stop-gap measure to ease critical cash shortages across the country, a government daily reported Wednesday.
"Production is at full throttle as we speak," the state-owned Herald newspaper quoted a central bank official saying.
"Bearer's cheques and the other denominations will be phased out by the end of this year while the new currency will be introduced in January next year."
At the country's independence from British colonial rule in 1980, Zimbabwe's currency ranged from 1c to Z$1 coins and bank notes in four denominations.
But due to inflation the Zimbabwe government introduced four new denominations from 2001 while coins were informally phased out as the value of the Zimbabwean dollar continued to depreciate against major currencies.
Between May and September 2003 the country experienced critical cash shortages that saw depositors queuing for long hours to withdraw their savings.
The cash shortages prompted the Reserve Bank of Zimbabwe to introduce bearer's cheques in three denominations.
Economists attributed the unprecedented cash shortages to hyper-inflation. Zimbabwe has the highest inflation rate in the world which once peaked beyond the 600% mark.
But Reserve Bank Governor Gideon Gono appointed by President Robert Mugabe to turn around Zimbabwe's economy has set himself lofty targets to reduce inflation to single-digit levels by mid-2006.
Quelle:http://www.news24.com/News24/Africa/Zimbabwe/0,,2-11-1662_1670327,00.html