Business Maverick: Zimbabwe Dollar Returns, a Decade After It Became Worthless

The central bank said that effective immediately, currencies including the U.S. dollar and the South African rand, in use since 2009, will no longer be accepted as legal tender. A local quasi currency known as bond notes, which was introduced in 2016 but can’t trade outside the country, and their electronic equivalent, the RTGS dollar, will now be known as the Zimbabwe dollar.

The central bank made it clear in its announcement that money held in foreign-currency accounts will not be affected, but the step will be greeted with alarm and memories of the lives wrecked and pensions and savings lost in 2008. Recollections of what effectively became a barter economy in a country where a suitcase full of bank notes was needed to purchase a pair of jeans will be hard to erase.

In February, the central bank introduced the RTGS$ and said it and bond notes would no longer be pegged to the U.S. currency. This precipitated a rapid depreciation in both the newly introduced interbank rate and the black-market value. Inflation, at 97.9%, is now at its highest since at least 2008.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Zimbabwe outlaws usage of rand, US Dollar and Pula | IOL Business ReportInternational and regional currencies such as the rand, US Dollar, Botswana Pula and British Pound will no longer be acceptable in Zimbabwe.
Source: IOL - 🏆 46. / 51 Read more »

BUSINESS MAVERICK: Sad end to talc mine illustrates SA’s small business crisisIn his hour-long State of the Nation Address on Thursday, President Cyril Ramaphosa referred to small businesses only twice. In supporting small businesses, he said the government wants to create an enabling operating environment by reducing the cost of doing business and regulatory compliance. However, his promises fell on sceptical ears. This is soo 😢 peterthomas661 More andmore businesses will close; unemployment will skyrocket. That is the benefit the unions bring their members, and the unwilling passe gers, the non-members
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: June 25: Five Things You Need to Know to Start Your DayTrump sanctions Iran's supreme leader in a provocative move. Asian equity futures are poised to fall after U.S. stocks stall. And SpaceX will try to pull off its most ambitious launch yet. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »