Zimbabwe

Zimbabwe on Monday added a new "surrogate" currency to the nine already in its multi-currency basket amid mixed feelings from the banking public.

Zimbabwe's economy faces growing cash and liquidity challenges ahead of the government's planned launch of bond notes, Moody's Investors Service said in a report today. The high and rising share of government securities on banks' balance sheets poses a systemic risk to the domestic banking sector.

Zimbabwe's central bank has said the introduction of bond notes early November is on course, with educational campaigns expected to start on October 31.

Zimbabwe has cleared its arrears with the International Monetary Fund (IMF), after paying $108 million on Thursday, the Fund has announced.