Zimbabwe introduces ‘bond notes’

pc ads top


Zimbabwe launched on Monday a new currency, the issuance of 10 million bonds bonds that officials hope will alleviate a severe financial crisis.
But critics fear it will wipe out your savings less than a decade after the hyperinflationary economic crisis.
Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to address the chronic shortage of money and supplement fall in the dollar that were in circulation in the past seven years.
However, the announcement caused a run on the banks as Zimbabweans tried to empty their accounts stronger currency.
Notes also had an impact on some of the largest protests in a decade against President Robert Mugabe, Zimbabwe leader since independence 36 years ago, which led to proposals that could lead to a drop of 92 years.
Passer 36, Tennison Tiger said he bought airtime and only wanted to buy something from one of the big supermarkets.
Tiger said shortly after the withdrawal of $ 50 bonds from banks in Harare.
"People are skeptical about what happened to our old currency in the past, when money lost its value, so I think it could happen again," he added.
RBZ said notes exchangeable bonds will be officially 1: 1 with the US dollar.
He said that will be deposited directly into accounts in US dollars, which would be reflected as the dollar situation.
Lack of money has come in the context of economic slowdown and a devastating drought that has left millions of people facing starvation ....
pc ads bottom

SHARE THIS

Author:

Previous Post
Next Post