Central Banking

Zimbabwe lops ten zeros off currency

The Reserve Bank of Zimbabwe announced plans to remove ten zeros from its currency in a fresh bid to fight hyperinflation.

Gideon Gono, the governor of the Reserve Bank, said in a television address that the central bank would revalue the currency on Friday, when it will begin circulating a Z$500 bill.

Z$10 billion will become Z$1 under the changes.

The governor also said the central bank would lift the daily limit that consumers can withdraw from ATMs. Gono said last Thursday that the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

FedNow – at last

The instant payment system might help fix the US’s rusty payment rails, but it also faces competition, says Dave Birch