The Central Bank of Zimbabwe had promised to introduce on the market, as of Monday, Nov. 11, new banknotes and coins in Zimbabwean dollars. But this replica of the local currency, which should be in denominations and coins of 5 and 2 dollars, was still not available in the shops of the country, this Monday. According to sources at financial institutions in Harare, the new currency could be put into circulation Tuesday, after the banks were able to ensure the collection.
According to information provided by the Zimbabwean authorities, it will involve injecting some $ 1 billion into the country’s economy. The short- and medium-term objective of this restoration of the local currency, which has disappeared for at least 10 years, is to overcome the current liquidity crisis in Zimbabwe. However, economic analysts remain skeptical about the impact that such a measure could have.
Zimbabwe has returned to hyperinflation, which leached it for the first time in 2009. In August, inflation soared to nearly 300% year-on-year, according to the International Monetary Fund (IMF). But economists estimate it is at least twice as high. The price of bread, fuel, or electricity has soared to the chagrin of the population, whose daily withdrawals from the bank are however capped at 50 Zimbabwean dollars, or a little less than 5 euros.