"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.
IOL/Sapa/Agence France Presse (AFP)
Post published in: News