Gono this week reversed his position of three weeks
ago when he ruled out changing the currency and said
he is ready but wouldn’t announce the dates when he
intends to introduce the new currency. However,
highly-placed sources at the central bank told The
Zimbabwean that the new currency is ready for
introduction and is a product of slashing of four
zeros from the current bearer cheques.
“The highest denominator will be a $1000 note,” a
source said. “The governor will announce the slashing
of four zeros as a way of fighting inflation and
addressing the problematic cash liquidity crunch.”
Gono last year slashed three zeros from the local
currency but only for them to literally come back as
inflation continued to skyrocket. Just recently, the
country has been plunged into serious cash shortages
which the central bank chief attributes to speculation
and black market hording but investigations showed a
lack of ink and material on which the bearer cheques
are printed was the major factor.
Post published in: News