Zimbabwe is making a great change to the way things are in their country as it has been announced that the country will make the Chinese Yuan as its official legar tender. While the yuan has been in use in the country for some time, it was never officially sanctioned or approved for public transactions.
Zimbabwe abandoned its currency the Zim dollar in 2009, after hyperinflation peaked around 500 billion percent. The country went to using mainly US dollars, South African rands, and Botswana pula.The currency was officially scrapped after it hit 35 quadrillion (that’s 35,000,000,000,000,000) Zim dollars against a single US dollar.
According to reports, making the yuan official, legal tender in the country will further Zimbabwe’s goals of tightening trade relations between it and China.
It will be mainly used as a function of trade, the Zim finance minister said – while the country is still negotiating on the exact amount of debt to be written off.
China is Zimbabwe’s biggest trading partner following Zimbabwe’s isolation by its former western trading partners over Harare’s human rights record.
The post Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debt appeared first on 36NG.
Go To Original Post Zimbabwe Adopts Chinese Yuan As Official Legal Tender In Exchange For $40m Debtvia 36NG | www.36ng.com.ng - Pop of Nigeria created by Segun and Lala
No comments:
Post a Comment