Business

Breaking News

Zimbabwe to print own U.S. Dollar banknotes

From BBC
Some higher denomination  of Zimbabwean dollar bills.
Some higher denomination of Zimbabwean dollar bills.

Zimbabwean Government says it will print its own version of theUS Dollar banknotes,amidsevere cash shortage anddeepening economic woes.

The Government has slapped new limits on cash withdrawals and announced that “bond notes” par with the U.S. Dollar banknotes  will be introduced.

Zimbabwe’s Central Bank Governor, John Mangudya, made the pronouncement Thursday in the Capital, Harare. Governor Mangudya said the so-called bond notes will be backed by $200 million in support of the bond notes.

According to a local government-owned newspaper, the $200 million will come from the Africa Export-Import Bank. “It is not an overnight process,” Mangudya told the Herald when asked what date the bond notes will be issued.

“We are still working on a design that will be sent for printing outside the country. The notes will not be introduced immediately, but probably within the next two months.”

The specially designed dollar notes will come in denominations of two, five, 10 and 20.  They will also have the same value as their U.S. dollar equivalents.

The bond notes are an extension of so-called bond coins of one, five, 10 and 25 cents which the Central Bank introduced in 2014 and are pegged to the value of the U.S. Dollar.

 


© Copyright 2012 Mylbsonline.com All Rights Reserved.