Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.<\/p>\n
Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (\u00a3140m) support from the Africa Export-Import Bank.<\/p>\n
The two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.<\/p>\n
Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.<\/p>\n
Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.<\/p>\n
But the governor stressed that this was not the first step on the way to reintroducing the defunct currency, the Zimbabwe Herald newspaper reports.<\/p>\n
Mr Mangudya also introduced a number of other measures to steer people away from using US dollar cash.<\/p>\n
He wants to encourage people to make greater use of the rand since a large portion of Zimbabwe’s trade is with South Africa.<\/p>\n
The central bank brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.<\/p>\n
Mr Mangudya said the bank is still working on a design for the new notes, but they should be in circulation “within the next two months”, the Herald reports.<\/p>\n
–<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country. Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (\u00a3140m) support from the Africa Export-Import Bank. The two, five, 10 and 20 dollar notes will […]<\/p>\n","protected":false},"author":14,"featured_media":211642,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[107],"tags":[],"class_list":["post-211639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/211639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=211639"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/211639\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/211642"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=211639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=211639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=211639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}