Zimbabwe 'has the strongest currency in Africa': state media

accreditation
File: AFP
File: AFP

Harare - "This is a fact: Zimbabwe has the strongest currency in Africa".

Sounds unbelievable - but that's what the official Herald newspaper claimed on Wednesday, hours after President Robert Mugabe resolutely avoided the vexed topic of bond notes in his State of the Nation Address (SONA).

In its lead editorial, the pro-Mugabe paper said Zimbabweans "have full confidence in" their currency, ignoring the fact that photos of a broken bond coin are causing widespread alarm on social media. Ten million US worth of bond notes were introduced last Monday along with two million US worth of bond coins. 

The central bank insists this surrogate currency is backed by a 200 million US dollar loan from Afrexim Bank. But many fear the notes will drag Zimbabwe back to the dark days of hyperinflation that reached a peak around 2006-2008. 

Long bank queues have not improved since the notes were introduced. That is partly to do with the fact that teachers have just been paid and are having to queue repeatedly because of capped daily bank withdrawals.

The Herald claimed that Mugabe's speech to parliament showed the economy was on the "recovery path". Tweeted former education minister David Coltart: "Cd someone plse show me where that path is becos all I can see is bond notes?"

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Lockdown For
DAYS
HRS
MINS
Voting Booth
Should Proteas star Quinton de Kock continue playing at the T20 World Cup even if he doesn't take the knee in support of the fight against racism?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes! He should be allowed to show his support any way he chooses
39% - 2068 votes
No! If De Kock refuses to unite with his teammates, then he should be on the next plane home
12% - 636 votes
The only ones at fault here are Cricket SA, who have sabotaged another Proteas World Cup
49% - 2643 votes
Vote
Rand - Dollar
15.06
-0.0%
Rand - Pound
20.68
-0.1%
Rand - Euro
17.47
-0.1%
Rand - Aus dollar
11.30
+0.0%
Rand - Yen
0.13
-0.3%
Gold
1,801.53
+0.3%
Silver
24.08
+0.1%
Palladium
1,981.00
+1.0%
Platinum
1,017.00
+0.5%
Brent Crude
84.58
-2.1%
Top 40
60,874
0.0%
All Share
67,475
0.0%
Resource 10
63,082
0.0%
Industrial 25
87,253
0.0%
Financial 15
14,054
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE