Zimbabwe to introduce $10, $20 and $50 notes


-1

Zimbabwe will introduce $10, $20 and $50 notes within the course of this year, Finance Minister Mthuli Ncube said in Geneva where he is attending the Davos conference.

Currently, the highest denomination note is $5 which is roughly 30 US cents using the interbank rate.

Ncube said the first step was to inject currency into the market through what he called “drip feeding” to prevent inflation from rocketing.

Zimbabwe stopped publishing year-on-year inflation figures in August last year and said it would do so from next month.

It, however, continued to publish month-on-month figures.

Bloomberg which interviewed Ncube, however, said Zimbabwe inflation currently stands at 520 percent a figure which Ncube did not dispute.

Moth-on-month inflation stood at 16.55 percent in December but Ncube said in his 2020 budget he expects this figure to fall to a single digit by the end of the first quarter and close the year at around two percent.


Click link below to receive updates by whatsapp

https://chat.whatsapp.com/IjKB2tQriIv3s0CUZMVUPS

(203 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

-1
The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *