The Wall Street Journal: Zimbabwe gives up on dollar peg, effectively introduces new currency

HARARE, Zimbabwe—Zimbabwe, which has been using the U.S. dollar for the past decade, effectively introduced its own currency again, admitting that dollars stored in local bank accounts are worth only a fraction of their stated value.

The announcement from the Reserve Bank of Zimbabwe that electronic bank savings as well as locally printed “bond notes” were no longer exchangeable one-to-one for the U.S. dollar deepened fears Wednesday among Zimbabweans of a repeat of the hyperinflation that plagued the country in the early 2000s.

Reserve Bank Gov. John Mangudya said the move was merely a recognition that the country was running out of U.S.

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