According to the report, the use of the yuan will help the country to pay off its debt to China, which stands at $40 million. (R668 million).
Francis Ngwenya, President of the Zimbabwe Tourism Council, said that Chinese tourists would soon be able to pay for services in Zimbabwe using the yuan, however he added that it would take time to distribute the currency through the banks. No timeline for the introduction of the yuan has been set and tour operators and product owns in Zimbabwe contacted said they were unaware of the development.
Ngwenya said the introduction of the yuan would help to grow the Chinese market and that currency risk would subsequently be removed from the tourism packages to China.
“Zimbabwe is a multi-currency country and the introduction of the yuan will create easier pricing options and businesses will be able to have rand, dollar and yuan accounts.”
What are the implications of accepting the yuan for tourism operations? Let us know your thoughts in the comments below.
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