Indian Rupee to be legal tender in Zimbabwe

The Reserve Bank of Zimbabwe approved domestic trading in the Chinese Yuan (CYN),   Indian Rupee (INR), Japanese Yen (JPY) and Australian Dollar (AUD) and soon these currencies will become legal tender.

The central bank of Zimbabwe advised the exporters and the general transacting public that in addition to open accounts denominated in Botswana Pula, British Sterling Pound, Euro, South African Rand, United States Dollar, individuals and corporate can also open accounts denominated in the Australian Dollar (AUD), Chinese Yuan (CYN), Indian Rupee (INR) and Japanese Yen (JPY).

Till now, Zimbabwe accepted the US dollar and the South African rand as the main legal tender, which helped the country to stabilize the economy after world-record inflation threw it into a tailspin. The addition of four Asian currencies to the international currencies stands to nine which are circulating in the country.

Note: Zimbabwe was forced to abandon its own currency in 2009 amid chronic hyper-inflation and a deep economic crisis and introduced a basket of foreign currencies dominated by the US dollar.

Month: Current Affairs - February, 2014