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RBZ, kombi operators meet over change

by Staff reporter
11 Jun 2024 at 00:45hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has reported that despite releasing ZiG55 million in small notes and coins since April, the domestic market continues to experience a shortage of change.

RBZ Governor Dr. John Mushayavanhu emphasized that every bank branch has sufficient stocks of these denominations, yet the issue persists, particularly impacting the public transport sector.

During a meeting with public transport stakeholders, including associations from Harare and Bulawayo, Dr. Mushayavanhu expressed concern over the shortage leading to increased transportation costs and unsafe alternatives like unverifiable coupons. The meeting aimed to address the challenges and find solutions to the change shortage.
Transport operators and government officials discussed the widespread difficulty in accessing small notes and coins, which has resulted in higher fares and disputes among commuters. Dr. Mushayavanhu noted that the RBZ had doubled efforts to distribute small denominations but faced challenges in ensuring these reached the public.

Suggestions to alleviate the issue included the RBZ sending officials to distribute change at bus termini and capacitating retailers to provide small denominations. Dr. Mushayavanhu acknowledged social media's role in causing premature rejection of the old currency, exacerbating the change crisis.

Public transport operators urged the RBZ to improve access to small notes and coins, proposing direct distribution at major urban and commercial centers. They emphasized their support for the ZiG currency but highlighted that some banks were not cooperating, further complicating the situation.

Source - The Herald
More on: #Chamge, #RBZ, #Kombi