Zimbabwe Announces Plans to Change Currency

President of Zimbabwe Emmerson Mnangagwa has announced plans for the country to adopt a new currency by the end of 2019. "We have started the journey of having our own currency," he stated.

As it stands Zimbabwe is using a basket of currencies, including the local RTGS dollar, the US dollar and the South African rand. The announcement comes amid continued pressure on prices and high inflation. Annual inflation stood at 75.8% in April and the RTGS has lost 50% of its value since its introduction in February 2019.

The President also announced that following the introduction of the new currency it would no longer be possible to use foreign currency locally. While US dollars have largely disappeared from circulation, they are highly prized.