Sea shells? Oxen? Zimbabwe plans a new currency as dollar shortage bites

Section:

Another resource- and gold-rich country insisting on being poor.

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By MacDonald Dzirutwe
Bloomberg News
Saturday, January 12, 2019

HARARE, Zimbabwe -- Zimbabwe will introduce a new currency in the next 12 months, the country's finance minister said, as a shortage of U.S. dollars plunges the financial system into disarray, forcing businesses to close and threatening unrest.

... Dispatch continues below ...



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The southern African nation abandoned its own hyperinflation-wrecked currency in 2009 at the height of an economic recession, adopting the greenback and other currencies including sterling and the South African rand.

But without enough hard currency to back up the $10 billion of electronic funds trapped in local bank accounts, businesses and civil servants are demanding payment in cash which can be deposited and used to make payments both inside and outside the country. ...

... For the remainder of the report:

https://af.reuters.com/article/commoditiesNews/idAFL8N1ZC056

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