{"id":25137,"date":"2016-05-06T02:58:49","date_gmt":"2016-05-06T02:58:49","guid":{"rendered":"https:\/\/new.igihe.com\/zimbabwe-to-print-own-version-of-us-dollar\/"},"modified":"2016-05-06T02:58:37","modified_gmt":"2016-05-06T02:58:37","slug":"zimbabwe-to-print-own-version-of-us-dollar","status":"publish","type":"post","link":"https:\/\/new.igihe.com\/english\/zimbabwe-to-print-own-version-of-us-dollar\/","title":{"rendered":"Zimbabwe to print own version of US dollar"},"content":{"rendered":"<p>{Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.}<\/p>\n<p>Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (\u00a3140m) support from the Africa Export-Import Bank.<\/p>\n<p>The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.<\/p>\n<p>Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.<\/p>\n<p>Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.<\/p>\n<p>But the BBC&#8217;s Brian Hungwe in the capital, Harare, says that bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe.<\/p>\n<p>The governor stressed that the issuing of bond notes was not the first step on the way to reintroducing the defunct currency, the Zimbabwe Herald newspaper reports.<\/p>\n<p>Mr Mangudya also introduced a number of other measures to steer people away from using US dollar cash.<\/p>\n<p>This includes setting a $1,000 limit on how much cash can be taken out of the country.<\/p>\n<p>He wants to encourage people to make greater use of the rand since a large portion of Zimbabwe&#8217;s trade is with South Africa.<\/p>\n<p>But our correspondent says that people are reluctant to hold rands as they are not confident that the currency will maintain its value against the dollar.<\/p>\n<p>He adds that not all shops and traders accept the full range of currencies officially in use.<\/p>\n<p>The central bank brought in so-called bond coins of one, five, 10 and 25 cents, pegged to the US dollar, in 2014.<\/p>\n<p>Mr Mangudya said the bank was still working on a design for the new notes, but they should be in circulation &#8220;within the next two months&#8221;, the Herald reports.<\/p>\n<figure class=\"spip-document spip-document-12145 aligncenter\"><img decoding=\"async\" src=\"https:\/\/en-images.igihe.com\/jpg\/_89600885_gettyimages-84266400.jpg\" alt=\"Zimbabwe abandoned its own currency in 2009 after hyperinflation made it worthless\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>{Zimbabwe is set to print its own version of the US dollar in order to ease a cash shortage in the country.} Central bank governor John Mangudya said the cash, known as bond notes, will be backed by $200m (\u00a3140m) support from the Africa Export-Import Bank. The specially-designed two, five, 10 and 20 dollar notes [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[100],"byline":[249],"hashtag":[],"class_list":["post-25137","post","type-post","status-publish","format-standard","hentry","category-news","tag-africa","byline-bbc"],"bylines":[{"id":249,"name":"BBC","slug":"bbc","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":104}],"contributors":[{"id":249,"name":"BBC","slug":"bbc","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":104}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/25137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=25137"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/25137\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=25137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=25137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=25137"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=25137"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=25137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}