THE Reserve Bank of Zimbabwe (RBZ) yesterday widened the multi- currency basket to include four more foreign currencies in what analysts see as a way of addressing the cash shortage in the economy. The Chinese yuan, Indian rupee, Japanese yen, and Australian dollar are now legal tender in Zimbabwe in addition to the US dollar, South African Rand and Botswana Pula that the nation has been using for the past five years. Trade and investment ties between Zimbabwe, China, India, Japan and Australia have grown appreciably. It is against this background of growth in trade and investment ties that in the 2014 national budget, Finance minister Patrick Chinamasa underscored the importance of including other currencies in the basket of already circulating currencies, said acting RBZ governor Charity Dhliwayo while presenting her monetary policy statement. She said exporters and the general public could open accounts in the various currencies in the basket. In this regard, we wish to advise exporters and the general transacting public that in addition to opening of accounts denominated in Botswana Pula, British Sterling Pound, Euro, South African Rand, United States Dollar, individuals and corporates can also open accounts denominated in the Australian Dollar (AUD), Chinese Yuan (CYN), Indian Rupee (INR) and Japanese Yen (JPY), she added
Posted on: Thu, 30 Jan 2014 06:59:32 +0000
Trending Topics
Recently Viewed Topics
© 2015