Zimbabwe to re-introduce local currency within a year | The Guardian Nigeria Newspaper - Nigeria and World News - News Summed Up

Zimbabwe to re-introduce local currency within a year | The Guardian Nigeria Newspaper - Nigeria and World News


Zimbabwe will re-introduce a local currency “in less than 12 months”, after using the US dollar and regional currencies since a hyperinflation crisis a decade ago, the finance minister said in an interview published on Saturday. “On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months not years,” state-owned Herald newspaper quoted Finance Minister Mtuli Ncube as saying. Asked for a timeline for the currency reform, the minister said it would be in “less than 12 months”. Zimbabwe adopted a basket of foreign currencies in 2009 after hyperinflation, which saw some businesses increasing prices several times a day, rendered the local Zimbabwe dollar unusable. The shortages hit pharmacies with some running out of essential drugs for chronic conditions like diabetes and hypertension and accepting payment only in foreign currency.


Source: The Guardian January 12, 2019 13:18 UTC



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