Zimbabwe�s multi-currency confusion
Wednesday, March 05, 2014
For the last five years most people have been using US dollars or South African rand, but pula from Botswana and British pound sterling have also been changing hands.
Now the central bank is also allowing the use of Australian dollars, Chinese yuan, Indian rupees and Japanese yen.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...