Its subsequent shutdown is the latest financial contortion in a country with a history of monetary dysfunction. The decision represents a climbdown for the government of President Emmerson Mnangagwa, who had insisted that banning the dollar, legally in use since 2009, was necessary to restore financial stability. The introduction of a new currency is crucial to his efforts to revive the economy, said Mnangagwa, who secured a five-year term in July elections after the military deposed Robert Mugabe in 2017. Following the collapse of the old Zimbabwean dollar in 2009, a basket of currencies became legal tender in the country, from the US dollar to the Chinese yuan. As the economy shrinks, fighting over the spoils may become more vicious. A few years ago the government was claiming that the value of its various forms of local currency was equivalent to an American greenback. The state abolished Zimbabwe’s currency in 2009, after an episode of hyperinflation rendered it worthless. The Reserve Bank of Zimbabwe announced that it was releasing a new $10 bank note on May 19 and that it will be followed by a $20 note going into circulation during the first week of June. ■, This article appeared in the Middle East & Africa section of the print edition under the headline "For a few dollars more", Sign up to our free daily newsletter, The Economist today, Published since September 1843 to take part in “a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress.”. How long that supply will last is unclear. But the difficulty for the regime is that, in the midst of a pandemic, ordinary Zimbabweans have fewer ways to survive. The bank said it had adopted a fixed exchange rate of 25 Zimbabwe dollars per U.S dollar and suspended an electronic trading system it adopted earlier this month.
In its statement, the information ministry said the exchange had become an instrument of “economic sabotage,” accusing it of hosting fake listings that were contributing to the devaluation of the Zimbabwe dollar. All rights reserved, West African States discussing a new unified currency, Zimbabwe’s bond notes are failing (except on eBay), Zimbabwe puts $10 million worth of small change into circulation, New Australian firefighters coin with color enters circulation, Week's Most Read: Designs for American Eagles, Market Analysis: Strong prices for top-graded Walking Liberty half dollars, Buy & Sell Coins Online at the Coin World Marketplace. Have a confidential tip for our reporters? The difference between its London and Harare listings have become a widely used proxy measure for figuring out the market value of the Zimbabwe dollar. But contrary to the claims of those in charge, the pandemic is not why the economy is in its worst state since the hyperinflation of 2008-9. Now, to contain the fallout the local currency has been pegged at 25 to the dollar, still well below the black-market rate, and the ban on the use of foreign currency has been lifted. “I’ve been in government for 38 years as minister and I can’t remember when you ever had a budget surplus,” Mnangagwa said. (Mr Mnangagwa’s son, Collins, whom local journalists have linked to the deal, has denied any involvement.). Connect with Coin World: Some have been accused of graft, including, most recently, the health minister, Obediah Moyo, who allegedly agreed to a deal that included $28 face-masks. The blue $20 note depicts an elephant in front of a rendition of Victoria Falls. CBZ Next, is a plan to restructure debt owed to bilateral creditors.
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