Todd Bishop
Zimbabwe may re-launch its currency within this year. The country’s President, Mnanagaguwa, said that the introduction of the national currency would end the 10-year absence of the local currency.
He pointed out that the country faced hyperinflation 10 years ago and abandoned the Zimbabwean dollar and switched to foreign currencies such as the US dollar. The time is now ripe for foreign currency to withdraw and restore its currency, and the relevant departments are required to prepare for the launch of a new currency. A new currency will be launched at the end of this year.
In January of this year, the Minister of Finance of Zimbabwe pointed out that it is preparing for a new currency and is expected to issue it within 12 months. It also pointed out that the use of foreign currencies such as the US dollar as a local currency for circulation cannot solve the macroeconomic problems facing the country, and pointed out that foreign currency is insufficient. It also brings difficulties to business operations.
Due to the economic downturn and the deterioration of trade balance, Zimbabwe has long-term short-term supply. The local central bank has issued bond currency equivalent to the US dollar since November 2016 to ensure market liquidity.
