Zimbabweans battle to change currency as monetary crisis escalates

ZIMBABWEANS battled yesterday to change temporary currency into new banknotes before it becomes worthless on December 31, as the country’s central bank tries to tackle a shortage of cash in the country.

Bearer cheques, essentially money printed on ordinary paper, were introduced in 2003 as a temporary expedient measure to ease currency shortages caused by skyrocketing inflation and expire at the end of the year.

Banks opened extraordinarily this weekend to cope with customer demand, made worse by the fact that 200,000 zimdollar (about €5.50) bank notes will also become worthless on December 31.

They are being replaced by 250,000, 500,000 and 750,000 zimdollar notes, in a move announced only last week by the central bank as the latest effort to tackle Zimbabwe’s cash shortages.

Central bank governor Gideon Gono admitted in the state-run Sunday Mail it will not be possible for everyone to get their money in time.

“It is against this reality that we have said banks would be open, not only on Sunday and Monday, but also on Tuesday and Wednesday — that is on Christmas and Boxing Day.”

One irate customer, Enoch Dube, said that despite waiting in line for hours, he had so far failed to access his money. “On Saturday I was number 500 on the line and I got nothing.

“Today I am again in the line and I do not know if I will get anything despite that I was here from early morning” he said.

Zimbabwe is in the eighth year of economic recession characterised by record inflation and high unemployment which has reduced about 80% of the population to living below the poverty threshold.