Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Boko Haram horsemen kill nearly 80 people in North East Nigeria

Read more

MEDIAWATCH

2015-08-31 20:44 MEDIA WATCH

Read more

THE DEBATE

Europe's Migrant Crisis: Share the burden or shut the borders? (part 2)

Read more

THE DEBATE

Europe's Migrant Crisis: Share the burden or shut the borders? (part 1)

Read more

FOCUS

The painful truth behind Italy's 'red gold' harvest

Read more

ENCORE!

Music show: Rock en Seine, Maïa Vidal and a-ha

Read more

REPORTERS

Meet the French troops hunting jihadists in Sahel

Read more

REVISITED

Middle East: A West Bank town’s fragile rebirth

Read more

IN THE PAPERS

Grassroots and new faces in Japan's protests

Read more

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

COMMENT(S)