Zimbabwe to unveil bond notes as new quasi-currency

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Zimbabwe is unveiling a new form of currency in an effort to resolve an acute cash shortage.

The national reserve bank is to start printing what it calls “bond notes”.

They will have a value equivalent to US dollars, and are supported by a $200m loan from the African Export-Import Bank.

Today marks the launch of a public awareness campaign about the introduction of the bond notes in the coming weeks.

The scheme has sparked mass protests by people who fear a repeat of Zimbabwe’s hyper-inflation seven years ago, when the central bank printed so much money that a loaf of bread ended up costing 100 trillion Zimbabwe dollars.

 

Source: BBC