Zimbabwe leads because of an acute shortage of US dollar banknotes IOUs as a parallel currency. In addition, an upper limit on withdrawals from accounts of $ 1,000 per day was decided. According to central bank should be overcome with these measures, the economically devastating cash shortage. Currently hits ATMs often out of money, long lines are not uncommon.
Central Bank Governor John Mangudya announced that within the next two months IOUs worth 2, 5, 10 and 20 US dollars will be introduced. Previously Zimbabwe had already introduced its own money, as there are no US coins in the country. In addition to the US dollar and the South African rand is used.
Background of the step is a failed economic policy, which in hyperinflation Zimbabwe has led. Subsequently, the government of President Robert Mugabe had in 2009 to give up the national currency and adopt the US dollar. Previously it was a criminal offense to possess dollars.
The economic collapse of the country could be averted. The Zimbabwean central bank may, however, not print US dollars. Because of a prolonged drought, the export earnings have recently declined, leading to a further shortage of cash in circulation. “If the country does not undertake bold reforms, economic problems will persist in the medium term”, said the International Monetary Fund.
The economic performance of Zimbabwe today is only half as large as about 15 years ago, when Mugabe with the expropriation of white farmers started. Agricultural then collapsed, resulting in the collapse of the entire economy.
Zimbabwe According to a UN index is one of the world’s poorest countries. Because of the current drought this year are almost four million people, more than a quarter of the population at risk for acute hunger.
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