But people are not happy with the rate of exchange in which denominations of between ZW$5 and ZW$500 will be paid at U.S dollar exchange rates of up to US$2. The rate for ZW$5 will be US$0,02, ZW$10 (US$0,08), ZW$20 ($0,08), ZW$50 (US$0,20), ZW$100 ($40c) and ZW$500 at $2.
|Zimbabwe Set to Buy Local Dollar|
Notes that were issued after 2008 ranging from ZW$10,000 to $50 billion are not part of the exercise.
Liberal Market Solutions Director, Rejoice Ngwenya, says the government's move is too negative as it comes at a time when the cash-strapped state should have allocated the money elsewhere.
Zimbabwe dumped the local currency in 2009 following historic hyperinflation and introduced multiple currencies. Economist, Prosper Chitambara, welcomed the move telling Studio 7 that the move saying it is likely to boost investor confidence following incessant rumors that the government is trying to reintroduce the local currency.
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