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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Zimbabwe Plans New Currency As Dollar Shortage Bites (12027 Views)
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Zimbabwe Plans New Currency As Dollar Shortage Bites by 15Ebisco: 7:11am On Jan 13, 2019 |
Zimbabwe will introduce a new currency in the next 12 months, the finance minister said, as a shortage of U.S. dollars has plunged the financial system into disarray and forced businesses to close. In the past two months, the southern African nation has suffered acute shortages of imported goods, including fuel whose price was increased by 150 percent on Saturday. Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand. But there is not enough hard currency in the country to back up the $10 billion of electronic funds trapped in local bank accounts, prompting demands from businesses and civil servants for cash which can be deposited and used to make payments. Finance Minister Mthuli Ncube told a townhall meeting on Friday a new local currency would be introduced in less than 12 months. “On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months, not years,” he said. Zimbabwe’s foreign reserves now provide less than two weeks cover for imports, central bank data show. The government has previously said it would only consider launching a new currency if it had at least six months of reserves. Locals are haunted by memories of the Zimbabwean dollar, which became worthless as inflation spiraled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings. A surrogate bond note currency introduced in 2016 to stem dollar shortages has also collapsed in value. President Emmerson Mnangagwa is under pressure to revive the economy but dollar shortages are undermining efforts to win back foreign investors sidelined under his predecessor Robert Mugabe. Mnangagwa told reporters on Saturday that the price of petrol had increased to $3.31 per liter from $1.32 from midnight but there would be no increase for foreign embassies and tourists paying in cash U.S. dollars. Locals can pay via local debit cards, mobile phone payments and a surrogate bond note currency. With less than $400 million in actual cash in Zimbabwe according to central bank figures, fuel shortages have worsened and companies are struggling to import raw materials and equipment, forcing them to buy greenback notes on the black market at a premium of up to 370 percent. (Reuters) https://mobile.reuters.com/article/amp/af/idAFL8N1ZC0NY 2 Likes
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by adekolaelect(m): 7:17am On Jan 13, 2019 |
We still thank God in Nigeria hoooo 21 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by MANNABBQGRILLS: 7:37am On Jan 13, 2019 |
We still had memories of the Zimbabwean dollar, which became worthless as hyper-inflation spiralled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings... 8 Likes 2 Shares |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by sportareaowl: 7:38am On Jan 13, 2019 |
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Immanuels7(m): 7:38am On Jan 13, 2019 |
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Robnectar(m): 7:40am On Jan 13, 2019 |
Immanuels7: 11 Likes 2 Shares
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by sonofanarchy(m): 7:40am On Jan 13, 2019 |
is Zimbabwe still a country? I thought South Africa bought it last year 13 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Cunninlinguist: 7:40am On Jan 13, 2019 |
Better.The Zimbabwean dollar is one of the most useless currencies in the world ![]() 6 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by AGNESikpuNNU(f): 7:40am On Jan 13, 2019 |
![]() ![]() Buhari = Mugabe 4 + 0 = Daura 25 Likes 2 Shares
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by gurunlocker: 7:40am On Jan 13, 2019 |
If an average Nigerian goes to Zimbabwe, na big boy he go be 2 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Albert0011(m): 7:41am On Jan 13, 2019 |
![]() 2 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by obaataaokpaewu: 7:41am On Jan 13, 2019 |
China should bid for Zimbabwe in this January transfer window 18 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by NwaliE01: 7:41am On Jan 13, 2019 |
Nawao, this one weak me oh |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by jericco1(m): 7:41am On Jan 13, 2019 |
this country is cursed. I remember way back, when one needs a bag full of money to eat at a restaurant. let them go to China for help 1 Like 1 Share |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by jerecrown(m): 7:41am On Jan 13, 2019 |
We shd change naira to pounds too |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by MANNABBQGRILLS: 7:44am On Jan 13, 2019 |
jerecrown:Lol ![]() 3 Likes 2 Shares |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by chloride6: 7:45am On Jan 13, 2019 |
Oga go and collect IMF package and stop trying to dodge your suffering ![]() |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Nobody: 7:46am On Jan 13, 2019 |
Hmm. Weird news capital of Africa - Zimbabwe. |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by dejavuh0007(m): 7:48am On Jan 13, 2019 |
Africa is cursed. |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by theoldpretender(m): 7:48am On Jan 13, 2019 |
Zimbabwe's problems started when they did that land resettlement programme 19 years ago. As a result, they destroyed their means of getting foreign reserves, destroyed a major sector of their economy, and their currency paid the price. Moral: sometimes justice has to wait. 13 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Kingluqman(m): 7:50am On Jan 13, 2019 |
Mugabe effect ![]() |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by chineloSA(f): 7:50am On Jan 13, 2019 |
Zimbabweans are useless people with empty pride. With all the education they always brag about, they cannot put the country together. They are not the first country to be sanctioned. Cuba and Sudan, was once sanctioned, Iran, NKorea are still sanctioned. All they know is to run to other countries to do rubbish work with their education. Initially they used to say Mugabe is the problem, now Mugabe is gone they can't fix their problems. Useless people with empty pride. 15 Likes |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by okeniti: 7:50am On Jan 13, 2019 |
So you work a long period of time or a lifetime, just for you to reach that end road and be told all that money you accumulated for pension/savings is worthless. Tragic stuff. May we live to see Africa have her day. post=74711668: 1 Like |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by helinues: 7:51am On Jan 13, 2019 |
That's the result when a president was busy spending the dollar reserves anyhow. Mugabe and Grace's effect We had the same in Nigeria,but thank God for the interventions......... 5 Likes
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Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by Mikora: 7:52am On Jan 13, 2019 |
Zimbabwe should be colonized by south Africa or some other sensible African country 1 Like |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by nymphomaniac(m): 7:53am On Jan 13, 2019 |
There was a country! |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by IMASTEX: 7:56am On Jan 13, 2019 |
Okay |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by id4sho(m): 7:56am On Jan 13, 2019 |
theoldpretender:Nawa ooo More hint Pls |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by martineverest(m): 7:57am On Jan 13, 2019 |
hope isn't going to be yuan |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by VIPERVENOM(m): 7:58am On Jan 13, 2019 |
AGNESikpuNNU:first it was failbuhari, then #bringbackjonathan, now 4+0. You guys are always fond of making a rip off of another person's slogan. Aren't u guys creative enough to make urs? 1 Like 1 Share |
Re: Zimbabwe Plans New Currency As Dollar Shortage Bites by martineverest(m): 7:59am On Jan 13, 2019 |
id4sho:I think they took lands from white Zimbabweans and gave them to blacks.thw white Zimbabweans were big farmers.some of them came to Nigeria to continue their agriculture 8 Likes |
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