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Zimbabwe to re-introduce local currency within a year: Finance minister

Zimbabwe adopted a basket of foreign currencies in 2009 after hyperinflation, which saw some businesses increasing prices several times a day, rendered the local Zimbabwe dollar unusable

AFP | PTI  |  Harare 

Emmerson Mnangagwa won 50.8 per cent of the vote
President Emmerson Mnangagwa, who took over from long-time ruler Robert Mugabe and won a disputed election in July, has pledged to revive the economy

will re-introduce a "in less than 12 months", after using the US dollar and regional currencies since a crisis a decade ago, the said in an interview published on Saturday.

Emmerson Mnangagwa, who took over from long-time ruler and won a disputed election in July, has pledged to revive the and mend fences with former allies in the west after years of isolation.

"On the issue of raising enough foreign to introduce the new currency, we are on our way already, give us months not years," state-owned Herald newspaper quoted as saying.

Asked for a timeline for the reform, the said it would be in "less than 12 months".

adopted a basket of foreign currencies in 2009 after hyperinflation, which saw some businesses increasing prices several times a day, rendered the local dollar unusable. The southern African nation's has been in a downturn for more than a decade with shortages of cash, high unemployment and the government struggling to pay its workers.

The country was thrown into panic after Ncube introduced a two per cent tax on all electronic transactions as part of new measures to increase revenue.

First Published: Sat, January 12 2019. 19:30 IST
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