Zimbabwe has added four more currencies into its multi-currency basket as it tries to address cash shortages in its economy.

The Reserve Bank of Zimbabwe (RBZ) announced that it had added currencies of China, India, Japan and Australia to be legal tender, alongside the United State dollar, South African Rand, Botswana Pula, British Pound, and the Euro.

Zimbabwe adopted the multi-currency system in 2009 to arrest runaway inflation.

“Trade and investment ties between Zimbabwe, China, India, Japan and Australia have grown appreciably,” said RBZ deputy governor Charity Dhliwayo.

“It is against this background of growth in trade and investment ties that in the 2014 national budget, the Minister of Finance and Economic Development underscored the importance of including other currencies in the basket of already circulating currencies.”

Dhliwayo said exporters and the general public could open accounts in the various currencies in the basket.

The adoption of multi-currencies helped Zimbabwe stem hyperinflation, which peaked at 500 billion per cent in 2008. 

President Robert Mugabe’s government was forced to dump the Zimbabwe dollar in 2009.

READ: 10 trillion Zimbabwe dollars!

Zimbabwe has been trying to promote trade and investment with Asian countries after the veteran ruler’s inner circle was slapped with sanctions by western countries for alleged human rights violations.

Dr Dhliwayo also said the RBZ would assume its role of banker to government on March 31.

The bank would resume its lender of last resort function after government agreed to inherit its $1.35 billion debt and recapitalise it to the tune of $200 million.