On March 18, 2009, Tendai Beati, Zimbabwe's new finance minister, officially announced that the "death" of Zimbabwe's currency, the Zimbabwe dollar, had become a reality. Since last June 10, the Zimbabwe dollar has been dying and no longer in circulation.
20 19 on June 7, Zimbabwe's president mnangagwa said that a new sovereign currency would be launched in 20 19, ending the situation that the country had no local currency for ten years.
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Zimbabwe's measures to solve inflation
1, raise interest rates. If the interest rate is high, everyone will save, and then there will be less money (money) in circulation. If supply and demand are balanced, inflation will be curbed and the loan amount of commercial banks will be reduced.
2. Increase the deposit reserve ratio. Reduce the amount of money by restraining the amount of loans from commercial banks. However, due to various reasons, the private deposit base is very large and the interest rate is not high. However, in the hot situation of the stock market, it is still difficult to curb the amount of money by raising the deposit reserve.
This is an open market business. That is, the central bank sells securities to get money back from banks and residents, but now it seems that buying funds is better than buying any bonds, and the risk is acceptable. The yield is generally 20%-30% per year.
4. suppress income. Lower income means lower consumption. Theoretically, this can also curb inflation. Specific methods include increasing taxes, such as income tax; You can get anything that can reduce your income.
5. Increase commodity supply and improve supply and demand. Specifically, there are also some policies, such as reducing taxes and increasing preferential policies.
China people's bank-foreign exchange quotation