First Zimbabwe dollar notes since hyperinflation

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Queues have formed outside banks in Zimbabwe as people hope to get hold of the country’s first Zimbabwe dollar notes to be issued since 2009.

The currency was scrapped a decade ago because of hyperinflation when prices were almost doubling every day.

Zimbabwe’s central bank hopes the new notes will ease a severe cash shortage as the country suffers a deepening economic crisis. The bank has played down fears that the move will fuel further inflation.

Currency Board member Eddie Cross is quoted as saying only small denominations

“Two-dollar bills and five-dollar bills – are being introduced for now to deter counterfeiters”.

Currently inflation is thought to be about 300 percent. This figure is an estimate according to the latest data published by the International Monetary Foundation.

But the Zimbabwean government has stopped publishing an official figure itself.

 

Dominica Nwabufo