• Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 5 other followers

  • Sign Up for YourBlackWorld.com for free!


    Top Black News Site in
    America


    Dr. Boyce Watkins



    Top Black Speakers Bureau

Africa News: Zimbabwe Stops Using Its Own Currency

Photo

Zimbabwe will not use its own local currency for at least a year, a state newspaper reported on Sunday, while it tries to repair an economy which critics say was destroyed by President Robert Mugabe.

The southern African state has allowed the use of multiple foreign currencies since January to stem hyperinflation which had rocketed to over 230 million percent and left the Zimbabwe dollar almost worthless.

The state-controlled Sunday Mail said the unity government of Mugabe and opposition leader Morgan Tsvangirai decided the Zimbabwe dollar should only be reintroduced when industrial output reaches about 60 percent of capacity from the current 20 percent average.

"The Zimbabwe dollar will be out for at least a year. We resolved that there will be no immediate plans to (re)introduce the money because there is nothing to support and hold its value," the newspaper quoted Economic Planning and Development Minister Elton Mangoma as saying.

Click to read.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: