RBZ To Print New Bank Notes

The Reserve Bank of Zimbabwe (RBZ) said that new banks notes will be printed outside the country and drip-fed into the economy “soon”, to end the current liquidity crunch.

The Central Bank’s director for finance and markets, William Manimanzi, revealed this on Wednesday when he appeared before the Budget and Finance Portfolio Committee to speak on the 2020 National Budget. He said:

… what is happening is that new notes will be available soon so that they meet the required cash demands. Obviously, these notes are going to be printed outside the country and this requires foreign exchange.

That is all I can say at the moment — but maybe in a few months — I do not know exactly when, but those new notes will be available.

There has been a cash crisis in Zimbabwe for the past three years since the surrogate bond notes were introduced in 2016.

As a result, the few notes available are now being “sold” to the transacting public since some service providers accept cash only.

More: NewsDay


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