Zimbabwe to print local 'US dollar' as cash crunch bites

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People wait outside a bank to withdraw cash in Harare, Zimbabwe on Tuesday.
Zimbabweans formed long queues outside banks on Thursday as a cash shortage prompted the government to announce plans to print a local version of the US dollar and limit withdrawals.

The government adopted US and South African currencies in 2009 after hyperinflation — which peaked at 231 million per cent — rendered the national currency unusable as the country's economy collapsed.
A recent shortage of foreign notes led Reserve Bank Governor John Mangudya to unveil a raft of radical measures on Wednesday, including limiting withdrawals to $1,000 or 20,000 South African rand per day.
Mr. Mangudya said that the central bank would also print its own dollar-equivalent bond notes — "which are currently at the design stage" — to ease the cash crunch.
He denied the new banknotes were a step towards re-introducing the tarnished Zimbabwe dollar, but the plan was still criticised by some experts.

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