Banks start opening yen, yuan accounts

Several banks in Zimbabwe have started opening accounts for transacting in the Japanese yen, Chinese yuan, Australian dollar and Indian rupee following the expansion of the foreign currency regime by the Reserve Bank of Zimbabwe (RBZ). 

In January the RBZ added the Indian Rupee, Australian Dollar, Chinese Yuan, and Japanese Yen. The country was already using the Botswana Pula, British Sterling Pound, Euro, South African Rand and United States Dollar.

FBC Holdings group chief executive Mr John Mushayavanhu is quoted saying “We have already started. If anyone wants to transact in the Chinese yuan, Japanese yen or Australian dollar, we are ready for them.”

Mushayavanhu said although the transactions in the additional currencies were still low as the transacting public was still used to doing business especially in the US dollar, signs were that business would pick with time.

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.