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posted by Fnord666 on Monday November 28 2016, @08:03AM   Printer-friendly
from the the-name-is-Bond,-James-Bond dept.

Zimbabwe's central bank said on Saturday it will circulate $10 million worth of new bond notes on Monday, a quasi-currency that authorities expect to ease a serious cash crunch, but will limit withdrawals to curb any abuses.

The Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to issue bond notes to address chronic cash shortages and supplement dwindling U.S. dollars that have been in circulation for the past seven years.

But many Zimbabweans are sceptical about the scheme after a 2008 multi-billion percent inflationary meltdown caused by rampant money-printing. The new plan has already caused a run on the banks as Zimbabweans empty their accounts of hard currency.

The bond notes will be officially interchangeable 1:1 with the U.S. dollar.

Source: Reuters
See also: India grapples with the effects of withdrawing 86% of cash in circulation


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  • (Score: 2) by Entropy on Monday November 28 2016, @09:02PM

    by Entropy (4228) on Monday November 28 2016, @09:02PM (#434217)

    So in short--They can't manage themselves, and really need someone to do it for them.

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  • (Score: 2) by fritsd on Monday November 28 2016, @09:59PM

    by fritsd (4586) on Monday November 28 2016, @09:59PM (#434249) Journal

    They can't manage themselves as long as they haven't gotten rid of their corrupt government, that's for sure. Otherwise I don't know what you mean.
    I don't think the Zimbabweans fancy some kind of re-colonisation, if that's what you're thinking about :-)

    I don't know what Morgan Tsvangirai is doing, is he dead yet?