Friday, September 29, 2023
  • Login
The Southern African Times
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Business

Zimbabwe to circulate higher bank notes as inflation soars

by SAT Reporter
May 15, 2020
in Business, in Southern Africa, Just In, Zimbabwe
0
0
VIEWS

HARARE (The Southern African Times) – Zimbabwe will introduce higher denomination bank notes to increase the amount of cash in circulation, the finance minister said in a government notice on Thursday, at a time inflation is soaring and pushing prices beyond the reach of the majority. 

The southern African nation brought back the discredited Zimbabwe dollar currency last year in June after a decade of dollarisation. The move failed to end severe cash shortages and unleashed inflation, which reached 676.39% in March, one of the highest in the world.

Mthuli Ncube said the central bank would start circulating 10 and 20 Zimbabwe dollar ($0.80) notes. Until now, the highest denomination was a 5 Zimbabwe dollar bank note. 

Although the central bank has previously said it would not print money to finance the budget, many Zimbabweans have bad memories of the central bank’s money printing activities that caused hyperinflation a decade ago, wiping pensions and savings.

Economic analysts say the government’s budget is under pressure from spending to combat the coronavirus outbreak, which will force authorities to resort to printing money, stoking inflation further. 

Inflation is seen ending this year way above the central bank and treasury’s target of 50%. 

Zimbabwe is in the grips of its worst economic crisis in a decade, marked by shortages of foreign currency, cash, food and medicines.

Previous Post

Whistleblower: US still lacks virus plan, Americans at risk

Next Post

Kenya rejects G20 debt relief initiative over restrictive terms

SAT Reporter

Related Posts

Angola Introduces 2023-2027 Development Plan with 3% Growth Target
Business

Angola Introduces 2023-2027 Development Plan with 3% Growth Target

by SAT Reporter
September 29, 2023
Tanzania Extends Welcome to Chinese Investors to Fuel Industrialisation Drive
Business

Tanzania Extends Welcome to Chinese Investors to Fuel Industrialisation Drive

by SAT Reporter
September 27, 2023
Avian Flu Ravages South Africa’s Poultry Industry, Threatening Soaring Costs
Business

Avian Flu Ravages South Africa’s Poultry Industry, Threatening Soaring Costs

by SAT Reporter
September 27, 2023
Zambia’s Former President Edgar Lungu Faces Police Warning Over Morning Jogs Seen as “Political Activism”
in Southern Africa

Zambia’s Former President Edgar Lungu Faces Police Warning Over Morning Jogs Seen as “Political Activism”

by SAT Reporter
September 26, 2023
Zambian Neobank Lupiya Secures $8.25 Million in Series A Funding to Drive Financial Inclusion in Africa
Business

Zambian Neobank Lupiya Secures $8.25 Million in Series A Funding to Drive Financial Inclusion in Africa

by SAT Reporter
September 19, 2023
Next Post

Kenya rejects G20 debt relief initiative over restrictive terms

Browse by Category

  • African Continental Free Trade Area
  • African Debt
  • African Start ups
  • Algeria
  • All News
  • Analysis
  • Angola
  • Asia
  • Botswana
  • BOTSWANA
  • BRICS
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • CRYPTOCURRENCY
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Economy
  • Education
  • Egypt
  • Energy
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Feature
  • Finance
  • Food
  • Food and Drink
  • Foods
  • GABON
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Niger
  • niger
  • Nigeria
  • North Africa
  • North-Eastern Africa
  • Opinion
  • Politics
  • Property
  • Racism
  • Rwanda
  • SAT Jobs
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Sudan
  • Sustainablity
  • Tanzania
  • Technology
  • Telecommunications
  • The Power Of She
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • ZAMBIA
  • Zambia
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa News african footballer African investments african markets African news African start-up Agriculture banking Business China Classic Climate change Content currency economy Explore Bali Finance football Investment Kenya Life Style Markets Market Stories Nigeria oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home technology Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.
  • Home
  • Southern Africa
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Technology
    • Lifestyle
      • Health
      • Culture
      • Food and Drink
      • Entertainment
  • Opinion
  • Sports
  • SAT Jobs
    • Events
  • Shop
  • About Us
    • Advertise with Us
    • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist