James.Grage
AH legend
Posted on Thursday, 13 March 2014 15:23
Zimbabwe seeks Chinese, Indian and Australian currency circulation
By Janet Shoko
Zimbabwean bankers have opened formal talks with China and India for the supply of the two Asian countries' currencies.
In January, the Reserve Bank of Zimbabwe (RBZ) added four new currencies the Chinese yuan, Indian rupee, Japanese yen and Australian dollar - to the country's multi-currency basket.
We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia
Banks are already opening accounts denominated in the new currencies.
Bankers Association of Zimbabwe (Baz) vice president Sam Malaba said the negotiations were promising.
"We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia so that we can have their currencies circulating here" said Malaba.
BAZ is of the opinion that the adoption of more currencies will not only help ease the liquidity crunch but also help eliminate exchange hassles for business.
"The introduction of four new currencies will also assist in smothering trade with these countries," Malaba added.
In 2009, the country abandoned the worthless Zimbabwe dollar, ravaged by hyperinflation which topped 231 million percent, to adopt a multiple currency system, dominated by the United States dollar and South African rand.
The multi-currency system has not eased financial woes as an acute liquidity crisis persists.
Zimbabwe has ruled out chances of the local currency making a return soon.
Zimbabwe seeks Chinese, Indian and Australian currency circulation
By Janet Shoko
Zimbabwean bankers have opened formal talks with China and India for the supply of the two Asian countries' currencies.
In January, the Reserve Bank of Zimbabwe (RBZ) added four new currencies the Chinese yuan, Indian rupee, Japanese yen and Australian dollar - to the country's multi-currency basket.
We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia
Banks are already opening accounts denominated in the new currencies.
Bankers Association of Zimbabwe (Baz) vice president Sam Malaba said the negotiations were promising.
"We are currently in negotiations with the People's Bank of China and we will soon be engaging the central banks of India and Australia so that we can have their currencies circulating here" said Malaba.
BAZ is of the opinion that the adoption of more currencies will not only help ease the liquidity crunch but also help eliminate exchange hassles for business.
"The introduction of four new currencies will also assist in smothering trade with these countries," Malaba added.
In 2009, the country abandoned the worthless Zimbabwe dollar, ravaged by hyperinflation which topped 231 million percent, to adopt a multiple currency system, dominated by the United States dollar and South African rand.
The multi-currency system has not eased financial woes as an acute liquidity crisis persists.
Zimbabwe has ruled out chances of the local currency making a return soon.
