Current Affairs - International - Discussion

Zimbabwe's central bank announced the discontinuation of its official currency, quasi-currency bond note officially pegged at parity with the U.S. dollar and launched a new currency called RTGS dollars, to resolve a long-term monetary crisis. U.S. dollars to banks at a rate of 2.5 RTGS to the greenback. This step was undertaken to do away with hyperinflation and fiscal deficit issues the country had been facing and the shortage of dollars which had been negatively impacting the economy.