Zimbabwe to introduce local bank notes end-October: central bank

HARARE (Reuters) – Zimbabwe will introduce local bank notes, known as “bond notes”, at the end of October, the central bank governor said on Thursday, raising fears of a return to a domestic currency abandoned in 2009 due to hyperinflation.

Zimbabwe will circulate the equivalent of $75 million in the notes by the end of the year, Governor John Mangudya said, adding that the bank was still “very far” from re-introducing a local currency.

Mangudya said the central bank had agreed with domestic banks that interest rates should be capped at 15 percent.

 

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