The Reserve Bank of Zimbabwe (RBZ) announced
Indian rupee as a legal tender on 29 January 2014.
RBZ was
adding Indian
Rupee and three other Asian currencies to the basket of currencies to be
circulated in the country. These include China,
Japan and Australia. The public can now open accounts in Chinese Yuans,
Australian Dollars, Indian Rupees and Japanese Yens. Till now, Zimbabwe
accepted the US dollar and the South
African rand as the main legal tender, which helped the country to
stabilize the economy after world-record
inflation threw it into a tailspin.
In addition to the Botswana Pula, British Sterling
Pound, Euro, South African Rand and United States Dollar, the central bank also
added the Australian Dollar (AUD), Chinese Yuan (CYN), Indian Rupee (INR) and
Japanese Yen. The addition of four Asian currencies to the international
currencies stands to nine which are circulating in the country. Zimbabwe abandoned the use of its own
currency in 2009 after world record inflation levels precipitated an
economic collapse under the Zanu PF government. It was a coalition government
in 2009 that introduced the multi-currency
system that brought stability in Zimbabwe.
