February 22, 2019 / 9:26 AM / 7 months ago

Zimbabweans queue outside banks as new currency begins trading

FILE PHOTO: Zimbabwe's Reserve Bank Governor John Mangudya gestures while responding to questions in the country's parliament in Harare June 30, 2014. REUTERS/Philimon Bulawayo

HARARE (Reuters) - Queues formed outside banks in the Zimbabwean capital Harare on Friday as the central bank opened trading of a new currency, a Reuters witness said.

Zimbabwe’s central bank announced on Wednesday that it would scrap the peg between its quasi-currency bond note and the U.S. dollar, creating a new currency from the bond notes and notional electronic dollars that will be known as RTGS dollars.

The central bank sold banks U.S. dollars at a rate of 2.5 RTGS dollars on Friday morning, governor John Mangudya said.

Reporting by Mike Hutchings; writing by Emma Rumney; editing by Joe Brock

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