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Zimbabwe wants a new currency by early 2020, and IMF funding

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President Emmerson Mnangagwa, praising his finance minister for a budget surplus, says a new currency is crucial to revive the economy

Zimbabwe’s President Emmerson Mnangagwa. Picture: REUTERS

The introduction of a new currency is crucial to his efforts to revive the economy, said Mnangagwa, who secured a five-year term in July elections after the military deposed Robert Mugabe in 2017. The state abolished Zimbabwe’s currency in 2009, after an episode of hyperinflation rendered it worthless. Since then, the country has used a basket of currencies, including the rand and the US dollar. The country has a quasi-currency known as RTGS.Mnangagwa said his finance minister, Mthuli Ncube, has prepared the ground for a new currency — starting with the first budget surplus he can recall in decades.

 

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New currency? But they have nothing so why a currency?

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