Zimbabwe to introduce new currency

Zimbabwe’s president has formalized a law allowing the introduction of a new currency this month.The new bond notes, backed by a $200 million Afreximbank bond facility, will be regarded as legal tender for all local transactions.

This southern African nation abandoned its own currency in 2009 after inflation hit 231 million per cent, according to government figures. It has been using a multi-currency system dominated by the US dollar since then.