Zimbabwe’s central bank is circulating special coins as the Christmas festivities approaches.<\/p>\n
The Governor of the central bank has however clarified that the government has no intentions of re-introducing the Zimbabwean dollar which was abandoned in 2009 following hyperinflation.<\/p>\n
Annual inflation in 2008 reached 231m% and the highest denomination was a $100 trillion Zimbabwean dollar note.<\/p>\n
This caused prices to change by the hour while some schools and hospitals closed.<\/p>\n
The country subsequently adopted the US dollar and South African rand.<\/p>\n
The issuance of the special coins was necessitated by the shortage of coins in the system which according to financial analysts was causing increased prices of goods and services.<\/p>\n
This is because prices are often rounded up to prevent the issuance of coins as change for customers following its shortage.<\/p>\n
Zimbabwe’s central bank Governor, John Mangudya is optimistic that the special coins will result in the correction of prices on the market to save the country\u2019s economy.<\/p>\n
The new coins are pegged to the US Dollar.<\/p>\n
<\/p>\n
By: citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
Zimbabwe’s central bank is circulating special coins as the Christmas festivities approaches. The Governor of the central bank has however clarified that the government has no intentions of re-introducing the Zimbabwean dollar which was abandoned in 2009 following hyperinflation. Annual inflation in 2008 reached 231m% and the highest denomination was a $100 trillion Zimbabwean dollar […]<\/p>\n","protected":false},"author":5,"featured_media":76063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[14,4],"yoast_head":"\n