Business / Economy
Biti set to demonetise Zim dollar
05 Jul 2013 at 06:38hrs | Views
Finance minister Tendai Biti is on the verge of gazetting a statutory instrument which will, among other things, seek to demonetise (to withdraw a currency from further use) the Zimbabwe dollar.
Sources this week said Biti wanted to gazette the legal instrument and demonetise the defunct local currency, which was abandoned in 2009 after hyperinflation reduced the unit to a worthless piece of paper, forcing government to allow the use of multi-currencies.
The sources said banks were, however, worried by Biti's lack of consultation on the long winding matter.
The sources said banks were, however, worried by Biti's lack of consultation on the long winding matter.
Source - businessdigest
