Zimbabweans sleeping outside banks

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Zimbabweans sleeping outside banks

5:09 CAT | 04 Nov 2016

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Zimbabweans are not taking their chances with their money with the impending introduction of bond notes, which are designed to ease the country’s cash shortage.

Images of depositors sleeping outside a bank to wait for bank opening hours to withdraw their money has been shared on Twitter:

Central bank governor John Mangudya said in May that the notes will be backed by $200m (£140m) support from the Africa Export-Import Bank.

The specially-designed two, five, 10 and 20 dollar notes will have the same value as their US dollar equivalents.

Zimbabwe introduced the US dollar after ditching its own currency in 2009 following sustained hyperinflation.

Since then Zimbabweans have been using the dollar as well as a number of other foreign currencies including the South African rand and the Chinese yuan.

The central bank governor is expected to meet people who have raised concerns about the bond notes later today.

Source: BBC