Zimbabwe to Initially Print 400 Million Zimbabwe dollars

Zimbabwe’s central bank governor John Mangudya said on Monday the southern African nation will initially print 400 million Zimbabwe dollars, which will be gradually introduced in circulation to fill gap left by end of dollarisation.

He also told lawmakers in parliament that $525 million has been traded on Zimbabwe’s official interbank market since its launch in February.

Zimbabwe made its interim currency, the RTGS dollar, the country’s sole legal tender last Monday, ending a decade of dollarisation and taking a another step towards relaunching the Zimbabwean dollar.

At the same time, Mangudya said individuals and companies hold $1.3 billion in foreign currency accounts after the Finance Minister announced that individuals will be allowed to withdraw cash U.S. dollars from those accounts.

Finance Minister Mthuli Ncube also told lawmakers that individuals will be allowed to withdraw cash U.S. dollars from foreign currency accounts but companies will be limited, Zimbabwe’s