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Zimbabwe banks begin disbursing new notes

by Staff reporter
12 Nov 2019 at 17:50hrs | Views
Depositors in Harare have started accessing new notes as promised by the Reserve Bank of Zimbabwe Governor, Dr. John Mangudya.

A snap survey in Harare's Central business district revealed that banks are issuing new notes and coins to depositors.

The new notes are expected to go a long way in addressing cash challenges which has been affecting the banking public for quite sometime.

Reserve Bank of Zimbabwe Governor, Dr. John Mangudya, is on record saying the central bank will drip-feed the economy with new money as a way of addressing cash challenges and there is no likelihood of causing inflationary pressures.

Long queues are being witnessed at all financial institutions as depositors seek to get hold of the new notes.

The RBZ is expected over the next six months to inject cash amounting to around ZWL$1.1 billion, almost 10 percent of the total money supply, to deal with the prevailing cash shortages.

Some unscrupulous economic agents had taken advantage of the situation by hoarding cash before selling it to desperate members of the public at exorbitant rates, as high as 50 percent, in a clear case of daylight robbery.

Source - zbc