Zimbabwe puts $10 million worth of small change into circulation
- Published: Dec 19, 2014, 9 AM
1. Change is coming
Zimbabwe's central bank has put millions of dollars worth of new small-denomination bond coins into circulation in response to a shortage of change that is forcing the country’s consumers to overpay or buy unwanted goods, according to multiple news reports.
Since 2009, Zimbabwe has used foreign currency, including the U.S. dollar, for all transactions after extreme inflation left its currency worthless.
"But with very few coins for these currencies in circulation, shoppers are given change in sweets or pens,” reads a BBC report that states $10 million has been distributed, and the total distribution could eventually be as high as $50 million.
The 1 cent, 5-cent, 10-cent and 25-cent coins are only for local use and are directly tied to U.S. dollar values.
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