Zimbabwe to allow Yuan, Rupee, Yen, Aussie circulation
January 30, 2014 10:26 am
Zimbabwe’s central bank approved domestic trading of Chinese yuan, Indian rupee, Japanese yen, and Australian dollar within the country. Acting central bank governor Charity Dhliwayo unveiled the decision in an issued monetary statement. “We wish to advise exporters and the general transacting public that individuals and corporates can also open accounts denominated in the Australian Dollar, Chinese Yuan, Indian Rupee, and Japanese Yen,” Dhliwayo added.
The decision to include yuan, rupee, yen, and aussie in their currency basket to be circulated in Zimbabwe is made upon considering the trade and investment ties with China, India, Japan, and Australia have grown positively in the last few years. The country was forced to adopt a multiple currency system, since its decision to abandon its own currency in 2009. Since then, the Euro, US dollar, South African rand, Botswana pula, and British pound are already legal tender.
In an annual budget statement last December, Zimbabwe Finance Minister Patrick Chinamasa said the multiple currency system would remain for foreseeable future. China is the country’s major trading partner. Bilateral trade surpassed $1 billion for two consecutive years, since 2012. While Zimbabwe officials have stated the intention to include Chinese Yuan in their currency basket, the two countries haven’t signed any formal agreement yet.
The material has been provided by InstaForex Company – www.instaforex.com
Zimbabwe’s central bank approved domestic trading of Chinese yuan, Indian rupee, Japanese yen, and Australian dollar within the country. Acting central bank governor Charity Dhliwayo unveiled the decision in an issued monetary statement. “We wish to advise exporters and the general transacting public that individuals and corporates can also open accounts denominated in the Australian Dollar, Chinese Yuan, Indian Rupee, and Japanese Yen,” Dhliwayo added.
The decision to include yuan, rupee, yen, and aussie in their currency basket to be circulated in Zimbabwe is made upon considering the trade and investment ties with China, India, Japan, and Australia have grown positively in the last few years. The country was forced to adopt a multiple currency system, since its decision to abandon its own currency in 2009. Since then, the Euro, US dollar, South African rand, Botswana pula, and British pound are already legal tender.
In an annual budget statement last December, Zimbabwe Finance Minister Patrick Chinamasa said the multiple currency system would remain for foreseeable future. China is the country’s major trading partner. Bilateral trade surpassed $1 billion for two consecutive years, since 2012. While Zimbabwe officials have stated the intention to include Chinese Yuan in their currency basket, the two countries haven’t signed any formal agreement yet.
The material has been provided by InstaForex Company – www.instaforex.com
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