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Zimbabwe Central Bank To Introduce New Currency Soon

Reserve Bank of Zimbabwe Governor Gideon Gono said Thursday that his institution will soon issue new bank notes to replace the current set of bearer cheques, which have become obsolete due to the country's reported 15,000% inflation rate.

Gono told bankers, business managers and journalists that his institution has already taken delivery of the new notes which, were to be introduced at short notice.

Gono said central bank supervisors and monitors will be circulating within the financial community to determine the degree of preparation on the part of banks prepared for what the central bank is calling Operation Sunrise Two.

The first Operation Sunrise took place in August 2006 when three zeros were lopped off the currency and officials called in old bank notes in an effort to crack down on operators in the parallel foreign exchange market and the black market in goods.

Economist Nhlahla Nyathi told reporter Blessing Zulu of VOA’s Studio 7 for Zimbabwe that the introduction of new notes is a step in the right direction.

More reports from VOA's Studio 7 for Zimbabwe...