The Reserve Bank of Zimbabwe is set to introduce a new currency in November, a member of the bank’s Monetary Policy Committee announced.
Renowned economist Eddie Cross said the new currency would be introduced in a move set to curb current cash shortages in the country.
“He commended President (Emmerson) Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs,” Eddie Cross.
The Zimbabwe dollar, became moribund in 2009 following a spell of hyper-inflation.
It was replaced by a basket of multi-currencies including the U.S. dollar, the British pound, South African rand, Botswana pula, Japanese yen, and the Chinese yuan.