Zimbabwe to import coins as cash crisis worsens
source: SW Radio Africa
By Irene Madongo
Coins and notes from other countries will have to be brought into Zimbabwe to relieve the serious shortage of cash, Finance Minister Tendai has announced.
The plans were unveiled as part of Biti’s Mid-Term fiscal policy review statement which he presented to parliament last Wednesday.
“Under the current multi currency regime, the inadequacy of smaller denominations has posed a number of challenges in transactions.
“Treasury will, therefore, be facilitating in the last half of 2010 the importation of foreign smaller denominations and coins,” Biti said.
The government was forced to ditch the Zimbabwean local currency last year in favour of the South African Rand and US Dollar, because the political crisis and economic meltdown caused record-breaking hyperinflation going above 49 billion percent. The government wants the [continue reading]