Zimbabwe is to introduce a new currency by the end of the year in an attempt to control the country's extreme rate of inflation, the governor of the country's central bank has said. Gideon Gono, the Bank of Zimbabwe governor said in a statement on Monday: "It is over a year since we launched Operation Sunrise One which saw the slashing of three zeros" off the country's currency. I can confirm that Sunrise Two is coming and it is coming very soon."
Zimbabwe's world-record inflation rate of 6,592 per cent has led to shortages of commodities and mass unemployment. Robert Mugabe, ZimbabweÂ’s president, has prioritised reducing inflation, with the government imposing a price freeze three months ago to try to control spiraling prices. But the move has prompted businesses to stop stocking bread, milk and other basic consumer items. |