Finance and Economic Development Minister Mthuli Ncube has indicated that higher Zimbabwean dollar denominations will be introduced in the near future.
Responding to a question by Masvingo Senator Tichinani Mavetera (MDC Alliance) on Thursday, on the practical steps Treasury was taking to deal with businesses that are redollarising, Ncube said:
In the last month, we put in cash to the tune of $110 million and we said that in the next six months, we will continue to put in more cash.
What we will do going forward is to also increase the size of the denomination. You can imagine that if it is $2 or $5 notes, you have to pack quite a lot of them into the automated teller machines to make withdrawals and so high denominations like $10 or $20 notes are needed going forward and we will be doing that.
Zimbabwe has been experiencing a severe cash crisis for the batter part of the last three years.
The problem started when the government introduced the multi-currency system, and bond notes and coins introduced to deal with the cash crunch did nothing but worsen the crisis.
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