Zimbabwe now has nine of the worlds major currencies to trade as legal tender. The Chinese yuan, Japanese yen, Indian rupee and Australian dollar were officially added to the basket of currencies that are accepted as legal tender. According to the acting Central Bank Governor Charity Dhliwayo, this was done to boost trade and investment ties between Zimbabwe and China, India, Japan and Australia. Ms Dhliwayo said individuals and businesses can now open bank accounts denominated in the four new currencies, in addition to Botswana pula, British pound, South African rand, and the US dollar. For the dominating currency, market analysts put their bet on the US dollar, which most Zimbabweans have been using since 2009. Four years on, prices across the country are almost all denominated in the greenback with rand and pula being used as changes smaller than a dollar. The pound and euro, however, are rarely seen. The Chinese yuan is a likely challenger to the greenback as trade and economic interaction grow. Ms Dhliwayo confirmed that the government, led by veteran President Robert Mugabe, had made it clear that the widespread speculated re-introduction of the Zimbabwean dollar can be put to rest.
Posted on: Mon, 17 Feb 2014 10:44:18 +0000
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