HARARE, Zimbabwe—Zimbabwe, which has been using the U.S. dollar for the past decade, effectively introduced its own currency again, admitting that dollars stored in local bank accounts are worth only a fraction of their stated value. The announcement from the Reserve Bank of Zimbabwe that electronic bank savings as well as locally printed “bond notes” were no longer exchangeable one-to-one for the U.S. dollar deepened fears Wednesday among Zimbabweans of a repeat of the hyperinflation that plagued the country in the early...

Source: Wall Street Journal February 20, 2019 20:39 UTC