Central Banking

Zimbabwe plans new currency

Zimbabwe will have a new currency next year, the central bank governor announced on Thursday 20 October, the Zimbabwe Observor reports.

In a statement broadcast live on state radio, Reserve Bank of Zimbabwe Governor Gideon Gono said the new currency would be unveiled in 2006 "at a date to be announced", the newspaper said.

It said the central bank had also taken the first step towards a managed floating exchange rate system on Thursday to attract scarce foreign currency amid signs inflation wil