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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Zimbabwe’s multi-currency system ‘here to stay’

Lobo
Lobo
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Join date : 2013-01-12

Zimbabwe’s multi-currency system ‘here to stay’ Empty Zimbabwe’s multi-currency system ‘here to stay’

Post by Lobo Wed 01 Jun 2016, 3:30 pm

Zimbabwe’s multi-currency system ‘here to stay’

Currencies / 31 May '16, 09:23am
Reuters

Harare - Zimbabwe's central bank will start circulating local bank notes in October, but the country will continue to use the dollar and other foreign currencies and will not be returning to a domestic currency abandoned in 2009, its governor said on Monday.

Zimbabweans are worried that introducing “bond notes” to ease dollar shortages could open the door to rampant printing of cash, as happened in 2008 when inflation hit 500 billion percent, wiping out savings and pensions.

Reserve Bank of Zimbabwe governor John Mangudya described the local notes as vouchers meant to boost exports and generate foreign exchange and dismissed talk of a return to the local currency as “unfounded rumours”.

“The export vouchers are expected to be disbursed in October 2016. The multi-currency system is here to stay,” he said in a statement.

“We have assured the public before and we would like to continue to do so that the country's economic fundamentals do not support the return to the Zimbabwe dollar.”

Zimbabwe has faced a shortage of bank notes since March, unnerving depositors who fear the central bank may turn on the printing presses again and render their cash worthless.

Long queues continue to form outside banks, which have imposed daily withdrawal limits as low as $50.

http://mini.iol.co.za/business/markets/currencies/zimbabwe-s-multi-currency-system-here-to-stay-2028391

    Current date/time is Sun 17 Oct 2021, 1:50 pm