Chaos at banks as Zimbabwe extends currency deadline |
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Published
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Mon, 31 Dec 2007 14:40
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HARARE (Thomson Financial) - Zimbabwe's central bank chief indefinitely extended a deadline today to exchange 200,000-dollar bills just hours before they were to cease being legal tender after scenes of chaos at banks across the country.In a press conference, Reserve Bank of Zimbabwe Governor Gideon Gono declined to set a fresh date for withdrawing the notes and blamed recent heavy rains for hampering efforts to stock up banks with new higher denomination bills.'The legal status of the 200,000 dollar bearer cheque notes is now reinstated and extended to a future date which will be announced when it is deemed strategic to do so,' Gono told reporters.'All economic players are therefore advised and required to continue fully accepting the 200,000 bearer cheque note as it is a legitimate part of our legal tender.'Gono, one of veteran President Robert Mugabe's chief lieutenants, had announced two weeks ago that the 200,000-dollar bills (about 8 usd/5.4 eur) would be worthless as of midnight on New Year's Eve as part of efforts to snuff out a burgeoning black market, and to tackle cash shortages.tf.TFN-Europe_newsdesk@thomson.comcmr/cmrCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Zimbabwe to launch new currency to counter hyperinflation 