Saturday, 21 February 2009

ZIMBABWE: Remittances saved the country from collapse

HARARE, 20 February 2009 (IRIN) - The official sanctioning of foreign currency as legal tender in Zimbabwe to tackle hyperinflation is bringing into sharp relief how remittances have staved off the country's complete collapse in recent years.

Before Robert Mugabe's government officially endorsed foreign currency, long queues would form outside banking halls to exchange foreign bank notes for Zimbabwean dollars, but since the use of foreign currency has been permitted the queues have shifted to commercial banks, where money transfers are processed.

An executive at a commercial bank in the capital, Harare, who declined to be named, told IRIN that the bank had opened two additional counters specifically to deal with money transfers.
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