Skip to main content

CENTRAL BANK CHIEF RIDES MONETARY STORM

The Zimbabwean: "Zimbabwe's powerful Central Bank governor Gideon Gono has had a bumpy start to the new year. Just as he tried to assert control over the circulation of money, which he claims is being subverted by speculators in high places, allegations emerged that his own institution had been complicit in shady foreign currency trading.As a two-month-long crisis peaked around Christmas, Gono, who is chairman of the Reserve Bank of Zimbabwe, announced that the current highest denomination of paper money, 200,000 Zimbabwean dollars, ZWD - worth only about 10 US cents on the parallel market - was to cease being legal tender on December 31. Gono's plan was designed to cut the feet from under what he called 'cash barons' who he said were accumulating vast amounts of the money.He has announced the issue of notes in higher denominations of 250,000, 500,000 and 750,000 ZWD."

Popular posts from this blog

Kate Kainja passes away

Nyasa Times "Minister of Women and Child Development Kate Kainja-Kaluluma has passed away in United Kingdom. “Indeed Hon Kate Kainja Kaluluma has died,” confirmed family friends in London. The 57-year-old minister was admitted to a North England hospital – York Hospital. Diplomatic sources at Malawi High Commission in London have said arrangements are being made to send her remains to Malawi. Kainja who was Dedza South West Constituency parliamentarian flew to United Kingdom for medical attention after a long-illness. She is survived by a husband, Emanuel Kaluluma and three children."