HARARE – The Reserve Bank of Zimbabwe will introduce a new currency in November, a member of the bank’s Monetary Policy Committee, Eddie Cross, has told State broadcaster Zimbabwe Broadcasting Corporation (ZBC).
ZBC News Online reported Thursday that Cross, a renowned economist, had said the new currency would be introduced in a move set to curb current cash shortages in the country.
'Zim to get new currency next month'https://t.co/ulVtEosu1U@GNyambabvu @EddieCross @MthuliNcube @ZimTreasury @tkn02 @samaita44 @classic263 @HeraldZimbabwe @lilynontobeko @ReserveBankZIM pic.twitter.com/SYFMhfmw3Q
— ZBC News Online (@ZBCNewsonline) October 3, 2019
However, the government has dismissed the reports of new currency in November.
Government has dismissed reports of new currency next month.@GNyambabvu @InfoMinZW @Bridgetsibanda4 @ngonieruimbe21 pic.twitter.com/lBp3qhuEVO
— ZBC News Online (@ZBCNewsonline) October 3, 2019
Zimbabwe’s last currency, the Zimbabwean dollar crumbled in 2009 due to unprecedented hyper-inflation and was replaced by a basket of multi-currencies which included the U.S. dollar, the British pound, South African rand, Botswana pula, Japanese yen and the Chinese yuan.
The surrogate bond notes were at par value with the U.S. dollar at their introduction but have over the years continued to lose value and are currently trading at around 14 to 1 U.S. dollar at the interbank rate.
The Zimbabwe government re-introduced the Zimbabwe dollar in June, though in electronic form, to run at par with the bond notes and RTGS dollars, and outlawed the use of foreign currency as units of trade.
According to state broadcaster ZBC, The economy is experiencing severe foreign currency shortages on the back of limited exports with five commodities namely tobacco, gold, nickel, platinum and diamonds being cited by the central bank as contributing to foreign inflows.
