Zimbabwe - yet another currency change
Previously, changes in Zimbabwe's currency failed to halt rampant inflation, which was triggered by Mugabe's chaotic and often violent land grab of white-owned farms. The authorities have now decided on yet another attempt to slow inflation, which is approaching 3700%.
Harare - The Zimbabwe Reserve Bank is set to introduce new Zimbabwe dollar bills soon, to replace the bearer cheques currently in circulation in a move aimed at helping consumers battling with worthless bundles of money.
Details of the introduction of the new family of legal tender emerged late last week amid reports that the biggest bill would be a Z$1,000 note while the smallest would be a Z$1 note.
It is believed the new currency, reportedly designed and printed by a German company, Giesecke & Devrient (G&D), will return Zimbabwe to stability and convenience.
Reserve Bank governor Gideon Gono is expected to give Zimbabweans 24 hours to hand in their bearer cheques for the new currency before it is 'demonitised' 'anytime soon'. The governor believes this is the only way to rein in speculation and punish black market dealers holding on to huge amounts of money.
Bearer cheques, essentially money printed on ordinary paper without any security features, were introduced in 2003 as a temporary expedient.
The largest bearer cheque currently in circulation has a face value of Z$100,000 (worth US$2, meaning Zimbabweans have to carry large bundles of cash for even small purchases.
Article courtesy of
TheZimbabwean
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