HARARE - Long queues have formed outside banks in Zimbabwe on Tuesday after the central bank released $30 million worth of new banknotes and coins onto the market.
Zimbabweans are desperate to get their hands on physical money; given that using it to pay for goods can get one a discount. It’s hoped these new banknotes and coins, worth R2 and R5, will help to wean Zimbabweans off the use of the US dollar, which was banned for local transactions in June. Customers are being limited to weekly withdrawals of just 300 Zimbabwe dollars. The authorities hope to release up to $1 billion worth of the new money in the coming months.
Some economists warn though that this new cash will likely end up trapped in the vast informal sector, whose operators don’t bank their takings.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MARKET WRAP: JSE tracks firmer global markets as investors await Trump speechMarkets really do seem to be trading as if in limbo, according to one analyst
Source: BDliveSA - 🏆 12. / 63 Read more »