Zimbabwe: Reserve Bank rules out adopting rand as official currency
Despite intense lobbying by industrialists, economists and the business community, officials in Zimbabwe have rejected the call to adopt the rand as an official currency. The country has battled with continued cash shortages which local bond notes have failed to address. Bond notes have equal value to the widely-used U.S. dollar but are still in short supply. Reserve Bank governor John Mangudya says the adoption of the rand as Zimbabwe's official currency is out of the question and that a poor production base and high imports are the real problem. The bank says it has introduced about $130 M in bond notes, backed by a $200 M facility from Afreximbank. To counter the cash shortages, plastic money, mobile money and other electronic transactions have been encouraged
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