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RBZ confirms US dollars are disappearing from circulation

7 years agoWed, 25 Jan 2017 13:17:57 GMT
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RBZ confirms US dollars are disappearing from circulation

Speaking to the Daily News, Reserve Bank of Zimbabwe governor, Dr John Mangudya confirmed that the United States dollar is disappearing from circulation and blamed the shortage on externalisation. He also noted that US dollar deposits had increased during the period.

Said Mangudya:

It is a fact (that US dollars have disappeared). Nowadays we are importing small denominations because externalisation is high …. smaller notes make externalisation more difficult. Generally, in money laundering, people favour high value notes, and so banks are importing smaller notes. We have seen a significant increase in US dollar deposits, and in terms of the money in circulation, we have more US dollars in the system compared to bond notes. So, people should not be alarmed with the disappearance of high-value notes. It is just one of the measures being implemented against externalisation.

However Zimbabwe National Chamber of Commerce (ZNCC) chief executive officer told Daily News that foreign currency was disappearing because people were not using their money.

More: Daily News

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