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Mixed reactions as RBZ signal new currency.

by BustopTV

By Kudakwashe Vhenge
Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya , last week announced that as a measure to improve cash circulation in the system , the Reserve Bank of Zimbabwe will inject new notes into circulation .The RBZ chief said in light of the cash shortages that the country has been facing government saw it fit to inject more $2 , $5 coins into circulation.

However, economic analysts who spoke to this publication were sceptical arguing that the continued printing of more money will fuel hyperinflation .However, the move sparked outrage from social media with much-expressing reservations with the move. Residents who also spoke to this publication said the move by the RBZ was good as it will mean that when they go to the banks they will be able to withdraw their cash as the move by the RBZ means more cash in circulation.

One resident of Glenview 3 Mai Takudzwa Mushipa had this to say “tanga taneta neve ma ecocash inoti charge ma percentages ,” said One Shepard Munetsi (not real name) who is on the trade of change money expressed his fear that the move might trigger the foreign currency exchange rates.“Availability of local currency will surely make the US$ and Rands exchange rate with our local currency to shoot” he said The country has since been grappling with cash shortages which have seen Ecocash agents in charging a premium of up to 50 %.

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