What the country used to think was a symbol of shame and failure is returning once again. The Zimbabwe dollar, fazed out when the country faced economic troubles in 2009 will return in November — according to Bloomberg.
The information was reportedly shared by a member of the central bank’s Monetary Policy, Eddie Cross. He said that the first notes will be reintroduced into circulation in November, a mere one month from the time of this writing.
The country has been going through some economic turmoil since 2009 and has used many different fixes to try and patch the problem. One such fix was to introduce a multi-currency system which saw the country use many currencies from foreign countries. Such a system sustained the country for a while before the same system was recently banned and was even used to threaten jail time for offenders.
The country has also recently banned mobile money systems which were the oasis of the financial crisis as a means to avert cash shortages.
“We have insufficient cash in the system to meet people’s needs for transactions,” Cross told the Zimbabwe Broadcasting Corp. The new notes “should do away with the queues at the banks and people then should have adequate money for daily use.”
The current RTGS currency is the one in circulation and was since introduced in June. The rate of the currency against the former USD was falling sharply and has since been a cause for concern among citizens. It is not clear where the standing of the new currency will be once it is introduced. It is speculated it might be against the same rate or better.