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Zimbabwe to Introduce Local Bank Notes In October

by Lex Vambe

Zimbabwe will introduce local bank notes, known as “bond notes”, at the end of October, the central bank governor said on Thursday, raising fears of a return to a domestic currency abandoned in 2009 due to hyperinflation.

Zimbabwe will circulate the equivalent of $75 million in the notes by the end of the year, Governor John Mangudya said, adding that the bank was still “very far” from re-introducing a local currency.

Mangudya said the central bank had agreed with domestic banks that interest rates should be capped at 15 percent.-Reuters

 

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