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Zimbabwe cash shortage forces Reserve Bank to take action

Banknotes, Currency, NewsBy SMI 05/05/2016

Zimbabwe is suffering from a shortage of cash in the form of US dollars, the main accepted currency in the country since it abandoned its own in 2009 following sustained hyperinflation. A press release issued yesterday by the Governor of the Reserve Bank of Zimbabwe, DR. J.P. Mangudya, has highlighted the Zimbabwe cash shortage, and…

Zimbabwe makes Chinese yuan legal currency

Currency, NewsBy SMI 23/12/2015

According to online news sources, Zimbabwe has announced that it will make the Chinese yuan legal tender following confirmation that China would cancel $40 million in debts. During a statement by the country’s minister Patrick Chinamasa regarding the debt cancellation, it was advised that Zimbabwe would start using the Chinese yuan as it seeks to increase trade…