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Government to Introduce New Currency in Two Weeks

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The Reserve Bank Of Zimbabwe of Zimbabwe will in the next two weeks introduce new notes and coins to be interchangeably used at par with bond coins and notes, in a move expected to ease the cash crunch, central bank government Dr John Mangudya has said.

The injection of more cash into the system will be in a bid to curve the cash shortages and the charging of premiums of up to 60 % cents for cash by cash agents in the streets. Finance and Economic Development Minister Mthuli Ncube explained that the new currency is not so new to Zimbabwe its just new cash notes.

‘We have that already. What is happening is cash injection to deal with cash shortages and reduce arbitrary opportunities. The currency was introduced last year.” said Mthuli Ncube

RBZ Governor John Mangudya had an earlier press conference with reporters and said that the new notes and coins will not be inflationary as RTGS dollars will be removed from circulation as cash is issued.

 

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Philomina

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