Zimbabwe's government is suspending the use of the local currency for at least a year, reports said, citing the State-run Sunday Mail newspaper.
The country's Economic Planning and Development Minister Elton Mangoma reportedly said the Zimbabwean dollar would be out of circulation for at least a year as there was nothing to support and hold its value. The value of the local currency came crashing when hyperinflation hit the country in 2007 and 2008, due to policies of the late government, and the rate of inflation touching a sixteen-digit number. The currency became worthless, despite introduction of bigger notes, including a trillion dollar bill.
Zimbabwe would now be using foreign currencies for its transactions, including the U.S. dollar and South African rand, among others, until the new government re- builds the economy.
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