Central Banking

Zimbabwe told to look to commercial banks for US coin supplies

Zimbabwe will have to deal with a commercial bank if it wishes to get hold of more US coins.

Local media reported last month that the Federal Reserve had formally agreed to supply US coins to Zimbabwe, where shopkeepers are suffering a shortage of change. The African economy switched to dollarisation in early 2009 in order to temper a severe bout of hyperinflation.

However, the Fed has not made a formal agreement to supply Zimbabwe with coins. Instead, US government officials are understood to h