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Businesses In Zimbabwe Now Spurn Old Currency - Or Discount It

With just days remaining until the central bank’s August 21 deadline for consumers and businesses to swap old banknotes for new currency, some retailers are refusing to accept the outgoing banknotes or demanding they be discounted 10% or more.

Business people say their systems have been upgraded to handle the new currency and can no longer deal with the old one. Others cite problems at banks when they try to deposit old notes. Some businesses will only accept up to $20 million in old bearer checks ($80), with customers obliged to pay the rest in new notes.

Chief economist Godfrey Kanyenze of the Zimbabwe Congress of Trade Unions explained the dual currency market to reporter Jonga Kandemiiri.

More reports from VOA's Studio 7 for Zimbabwe…