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Reserve Bank of Zimbabwe sued over failure to revive currency

Categories : Cash connects people
May 10, 2016
Published in : Africa, Availability, Cash substitution, Central Bank, Mints
The Reserve Bank stopped issuing Zimbabwean dollars in 2009, following a period of hyperinflation. The currency was demonetised in 2015. The bank is being taken to the constitutional court on the grounds that it has failed to maintain the stability of the Zimbabwean dollar.
Guillaume Lepecq

The Reserve Bank stopped issuing Zimbabwean dollars in 2009, following a period of hyperinflation. The currency was demonetised in 2015.

A basket of currencies including the South African rand, the Botswana pula, the British pound, the Indian rupee, the euro, the Japanese yen, Australian and US dollars and the  Chinese yuan are now used for transactional purposes. In 2014, the RBZ introduced bond coins on par with United States cents but are only for local use. These coins were aimed at solving the problem of change in most shops where customers were being forced to accept sweets, matches or ballpoint pens because of a shortage of the smaller denominations.

The bank is being taken to the constitutional court on the grounds that it has failed to maintain the stability of the Zimbabwean dollar.

Read the original article here.

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