Reserve Bank launches new currency in bid to ease economic crisis.

Published on 22 Feb 2019, 12:55
Zimbabwe has introduced a new local currency -- RTGS dollars -- in a bid to ease the country's severe foreign currency crisis. The announcement made by the Reserve Bank of Zimbabwe is expected to allow surrogate currency, bond notes, and electronic funds, to float freely against other major currencies. And banks will now be able to offer market-determined rates to buy cash dollars with the bond notes or through electronic transfers. The current setback in the Southern African nation has resulted in increased inflation and shortages of fuel and food. Zimbabwe has not had a local currency since 2009, when it deserted the Zimbabwe dollar due to hyper-inflation.

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