This week Zimbabwe announced that it will now accept the Chinese yuan, the Australian dollar, the Indian rupee, and the Japanese yen. These currencies join the American dollar and the South African rand as legal tender in Zimbabwe.
Recently Zimbabwe has embarked on a Look East Policy, looking toward Asian nations to help its struggling economy. It has invited Chinese investments in diamond mining, construction, and retail. However, economists do not expect the move to affect the economy of this south African nation significantly.
Zimbabwe is the first nation other than China to use the yuan as legal tender. In comparison, the United States dollar is used in the United States, East Timor, Ecuador, El Salvador, and Panama.
Connects the World to YOU!
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Conde Nast Traveler recently released its list of the world's friendliest and unfriendliest cities. Johannesburg, South Africa, ranks as... -
Credit: U.S. Geological Survey Department of the Interior/USGS U.S. Geological Survey/photo by Alicia Burtner ...
-
Population: 3.1 million Smaller than Los Angeles but larger than Chicago 10th largest city in India Capital and largest city of the... -
The nation and the world have been on high alert for over a week after militants from the al-Qaeda affiliated group the Islamic State of Ira...
-
Tensions are mounting in eastern Ukraine, as Ukrainian officials declared that 280 trucks that are supposed to be carrying humanitarian a...
No comments:
Post a Comment