Zimbabwe to have new currency next year

Zimbabwe to have new currency next year

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By Staff Reporter

ZIMBABWE will have a new currency next year, the central bank governor announced on Thursday.

In a statement broadcast live on state radio, Reserve Bank of Zimbabwe Governor Gideon Gono said the new currency would be unveiled in 2006 "at a date to be announced".

He called on members of the public to "hold cash sparingly" so as not to be caught out by authorities when the new notes are introduced.

Zimbabwe currently uses a temporary currency called bearer cheques - high denomination notes introduced two years ago to ease chronic cash shortages.

The notes bear an expiry date of December 31 2005.

However, even the highest denomination bearer cheques of Zim$20 000 (US76c) are struggling to keep up with spiralling price increases. Annual inflation is running close to 360% - Sapa-dpa

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