/ 31 December 2007

Zim extends deadline for old currency

Zimbabwe’s central bank chief announced on Monday that he was extending a deadline for consumers to exchange their Z$200 000 bills, just hours before they were to cease being legal tender.

”The legal status of the Z$200 000 bearer cheque notes is now reinstated and extended to a future date that will be announced when it is deemed strategic to do so,” Reserve Bank of Zimbabwe Governor Gideon Gono announced at a news conference.

”All economic players are therefore advised and required to continue fully accepting the … note as it is a legitimate part of our legal tender.”

Gono had announced two weeks ago that the central bank was phasing out the Z$200 000 by the close of business on December 31 and unveiled three new currency denominations.

Before Gono’s latest announcement at Monday’s press conference, massive queues had been forming in banks across the country as customers handed in satchels of cash or wads of the Z$200 000. — Sapa