Zimbabweans queue outside banks as new currency begins trading

Zimbabweans queue outside banks as new currency begins trading

© Reuters. Zimbabwe’s Reserve Bank Governor John Mangudya gestures while responding to questions in the country’s parliament

HARARE (Reuters) – Queues formed outside banks in the Zimbabwean capital Harare on Friday as the central bank opened trading of a new currency, a Reuters witness said.

Zimbabwe’s central bank announced on Wednesday that it would scrap the peg between its quasi-currency bond note and the U.S. dollar, creating a new currency from the bond notes and notional electronic dollars that will be known as RTGS dollars.

The central bank sold banks U.S. dollars at a rate of 2.5 RTGS dollars on Friday morning, governor John Mangudya said.

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Source : Reuters Link

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