Zimbabwe - Currency

Discussion in 'General Chat' started by James.Grage, Mar 14, 2014.

  1. James.Grage

    James.Grage GOLD SUPPORTER AH Legend

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    Posted on Thursday, 13 March 2014 15:23

    Zimbabwe seeks Chinese, Indian and Australian currency circulation

    By Janet Shoko


    [​IMG]
    Zimbabwean bankers have opened formal talks with China and India for the supply of the two Asian countries' currencies.
    In January, the Reserve Bank of Zimbabwe (RBZ) added four new currencies the Chinese yuan, Indian rupee, Japanese yen and Australian dollar - to the country's multi-currency basket.
    We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia
    Banks are already opening accounts denominated in the new currencies.
    Bankers Association of Zimbabwe (Baz) vice president Sam Malaba said the negotiations were promising.
    "We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia so that we can have their currencies circulating here" said Malaba.
    BAZ is of the opinion that the adoption of more currencies will not only help ease the liquidity crunch but also help eliminate exchange hassles for business.
    "The introduction of four new currencies will also assist in smothering trade with these countries," Malaba added.
    In 2009, the country abandoned the worthless Zimbabwe dollar, ravaged by hyperinflation which topped 231 million percent, to adopt a multiple currency system, dominated by the United States dollar and South African rand.
    The multi-currency system has not eased financial woes as an acute liquidity crisis persists.
    Zimbabwe has ruled out chances of the local currency making a return soon.
     

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  2. Safari Afrika

    Safari Afrika AH Enthusiast

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    That is really going to confuse the already confused ...........
     
  3. Wheels

    Wheels GOLD SUPPORTER AH Elite

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    So those 100 trillion dollar zim notes I have are worthless? If you can't trust the Reserve Bank of Zimbabwe, who can you trust now.:)
     
  4. Paw Print

    Paw Print SPONSOR AH Fanatic

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    And I bet you each vendor has his own exchange rate...
     
  5. PHOENIX PHIL

    PHOENIX PHIL AH Legend

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    Smoothering trade? Or did he mean smoothing maybe even smothering?
     

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