The news of the central bank’s decision to release new notes and coins into the economy has been cautiously welcomed by citizens, hoping that it could make them transact their businesses with easy.
RBZ governor John Mangudya on Tuesday revealed that in the next two week the apex bank was going to inject a new currency into the market. He said the new currency will be equal to bond notes in value.
In an interview with Zimsential, a vendor Jairos Mhindurwa said that he was excited by the news and hoped that the new currency would bring transformation to his small business since it was floundering in the past months.
“I am just hoping that the new currency will bring change of fortunes to my small business, it’s been difficult due to the instability of the current currency,” he said.
A commuter omnibus operator, Taurai Mudehwe also expressed a feeling of joy as he praised the move by RBZ.
“I am overjoyed and I have a strong feeling that the introduction of new currency would bring a transformation to the lives of many Zimbabweans who had lost their hope,” he said.
Many Zimbabweans have been finding it difficult to do daily transactions as most shops were demanding cash payment, yet people cannot access their savings from the banks that are going through a liquidity crunch.
Mangudya said only two and five dollar notes would be introduced and the move would also result in an upward review of daily cash withdrawals and hopefully curb high premiums on cash.
The central bank governor highlighted that the level of inadequacy of cash in the country to meet transactional demands was high and has resulted in an undesirable cash premium being charged, which the committee would wish to eliminate.
By Caroline Nyamayaro