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Zimbabwean President, Robert Mugabe, Effects Law For Introduction of New Currency

Zimbabwean President Robert Mugabe has issued a decree clearing the way for the introduction of “bond notes” in the country.


Related: BREAKING: The Chinese Yuan Becomes Official Currency in Zimbabwe
President Mugabe used his presidential powers late on Monday  to amend the Reserve Bank of Zimbabwe Act, designating bond notes as legal tender that will be equivalent to the U.S. Dollar.The idea has been a cause for concern since it was first announced with many fearing that it could be a back route for the introduction of domestic currency associated with hyperinflation and abandoned in 2009. The bond notes are meant to ease biting cash shortages that have gripped the country since March.


Written by PH

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