Zimbabwe Informational Site

There are fresh fears that the country’s dying economy is hurtling towards the debilitating depths of the 2008 hyperinflationary era, as bond notes are now also disappearing from the market.

This comes as United States dollars have almost completely disappeared from the formal market — with the coveted greenbacks now only easily available in the thriving black market.

It also comes as the Reserve Bank of Zimbabwe (RBZ) has ruled out injecting more bond notes into the market, arguing that Zimbabwe’s worsening cash crisis will only improve when the country’s production and export performances improve.

In the meantime, the disappearance of the country’s surrogate currency from the market is forcing banks to give desperate Zimbabweans their cash in coins.

The RBZ introduced bond notes at the end of last year to ease the country’s severe cash shortages, but so far this has failed to satisfy the market’s cash needs.

This has seen banks limiting the amount of money both individuals and companies can withdraw to as low as $20.

So bad has the situation become that desperate customers are also now having to make do with sacks of coins when they withdraw their money.

  • dailynewsRead More News