Zimbabwe to print Dollar to tame inflation

Zimbabwe has announced it will introduce next month “bond notes” equivalent to the US Dollar, sparking fears of a return to the hyperinflation that wrecked the economy several years ago.

The country adopted the US Dollar and South African Rand in 2009 after inflation — which peaked at 231 million percent — rendered the local dollar worthless.

But Zimbabwe has run out of US Dollar notes in recent months, and hopes to ease the cash crunch by printing its own “bond notes” that will be valued in denominations of $2, $5, $10 and $20.

Reserve Bank of Zimbabwe Governor John Mangudya said in Harare that the bond notes will start to circulate by the end of October and will be at par with the US Dollar.

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