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Africa Africa

Local currency suspended for one year

Latest update : 2009-04-12

Zimbabwe's currency will be "out for at least a year" announced the government on Sunday. Earlier in 2009, Zimbabwe's Reserve Bank announced a new 100 trillion dollar note to keep pace with hyperinflation. Other foreign currencies are now authorised.

AFP - The Zimbabwean government has decided to suspend the country's national currency for a year, which has in fact already disappeared from circulation, state-run media reported Sunday.
   
"The Zimbabwe dollar will be out for at least a year ....because there is nothing to support and hold its value," Economic Planning Minister Elton Mangoma told the Sunday Mail.
   
In January, in response to unprecedented hyperinflation, Zimbabwe legalised the use of foreign currencies including the Botswana pula, the South African rand, the United States dollar, the Euro and the British pound. The Zimbabwe dollar immediately went out of circulation.
   
In the past two years Zimbabwe's central bank knocked 22 zeros off the local currency as the country's economy plunged info freefall.
   
The highest note previously in circulation, a 10 trillion Zimbabwe dollar note, was not even enough to buy a loaf of bread.
   
Prime Minister Morgan Tsvangirai, who joined his long-time rival President Robert Mugabe in a power-sharing government, has prioritised rebuilding the shattered economy since taking office in February.

Date created : 2009-04-12

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