New Zimbabwe currency in 21 days

NEW YORK (Reuters) - Newly appointed Zimbabwean Finance Minister Mthuli Ncube would like to employ a “big bang” economic reform program to the battered economy where unemployment is running above 80 percent, but recognises politics will limit the speed for change. Reserve Bank of Zimbabwe Governor John Mangudya and Zimbabwe's Finance Minister Mthuli Ncube brief reporters during an investment conference in New York, U.S., September 21, 2018. REUTERS/Daniel Bases

The Zimbabwe Reserve Bank is expected to launch a new series of Zimbabwe Dollars to replace the Bond notes and the non physical RTGS$ in twenty one days.

An RBZ source who spoke to this reporter on Friday midnight said they emerged from a meeting where all systems were set at go.

“I am just coming from  a marathon meeting with the bosses and I can assure you that the Zim dollar will be printed and unveiled in the next 21 days ceteris paribus,” the source said. “The Governor has been busy the whole week in consultation with relevant stakeholders to make sure that the physical notes are launched with public confidence as they will ease the liquid crisis that the country is faced with.”

The source added that the new notes are anticipated to stabilize the Zim dollar at around 1:1 rate with the South African Rand thereby giving a boost to salaries that workers have been crying of.

In June Finance Minister Mthuli Ncube issued an SI that banned the use of foreign currency as legal tender in the country,

“The Zimbabwe dollar shall, with effect from 24th June 2019 … be the sole legal tender in Zimbabwe in all transactions,” read the SI.

“The British pound, United States Dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.” It added.

Source – Byo24