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
