‘New Notes And Coins To Eliminate Cash Barons’

The government says the injection of new $5 notes and $2 dollar coins within the next two weeks is aimed at easing cash shortages and eliminate the charging of premiums of up to 60 per cent for cash by cash barons.

Finance and Economic Development Minister Mthuli Ncube explained that the new notes were not a new currency since Zimbabwe has that already. He said:

We have that already. What is happening is a cash injection to deal with cash shortages and reduce arbitrage opportunities. The new currency was introduced on the 24th of June through Statutory Instrument 142.

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya had earlier told reporters that new notes and coins will not be inflationary as RTGS dollars will be removed from circulation as cash is issued.

He said that the daily withdrawal limit will be reviewed after additional cash has been released.

More: The Herald

Join WhatsApp & Telegram News Groups:

WhatsApp Group: https://chat.whatsapp.com/BPz5chv8MHSF07zWacDaPw

Telegram Group:

Back to top

Write a Comment

Your email address will not be published.

Share Full Post

Nyaradzo logo

RSS Recent Profiles Created