The collapsing African nation of Zimbabwe has run out of United States dollars. In order to remedy the situation, the country’s central bank will print approximately $75 million of its own version of the U.S. dollar and have it circulate across the country next month.
Last week, the Reserve Bank of Zimbabwe announced that it would start to print “bond notes” in the denominations of $2, $5, $10 and $20 banknotes. This, Governor John Mangudya says, will alleviate the cash shortage problem facing Zimbabwe and prevent money from exiting the country.
Recently, Zimbabwe launched so-called bond coins, which are supposed to represent various U.S. dollar values. The mad monetary experiment entails that for every coin in circulation there is an equivalent U.S. dollar stationed in its reserves.
“The bond notes will be at par with the U.S. dollar and will be used and treated in the same manner as bond coins,” said the central bank head in a statement.
Ever since the Zimbabwe Dollar collapsed in 2009, the southern African country has been relying on a mixture of various currencies. The currency that it has been depending on the most has been the greenback.
Zimbabwe President Robert Mugabe has certainly destroyed what was once one of the greatest nations on the continent with his brand of central planning, socialism and monetary madness.
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