By Staff Reporter
The Reserve Bank of Zimbabwe (RBZ) has addressed growing concerns regarding the rejection of ZW$ notes due to demonetization.
This rejection has led to a scarcity of change and prompted businesses, particularly commuter omnibuses, to round off prices to US$1.
In a statement issued on Wednesday, RBZ governor John Mushayavanhu ordered businesses to continue accepting ZWL notes until the end of the month.
“The Reserve Bank has, however, taken note of the concerns of the public emanating from the rejection of the ZW$ notes to be demonetised, which has resulted in the/ unavailability of change, thus forcing businesses, mainly commuter omnibuses, to round-off prices to US$1.
“In this context, the Reserve Bank would like to reiterate that the ZW$ notes currently in circulation are still valid and remain legal tender until 30 April 2024.
“Accordingly, the ZW$ notes should continue to be used for transactional purposes at the announced ZiG/ZW$ conversion factor of 2498.7242.
“Business entities where the notes have been widely used, including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until 30 April 2024,” Mushayavanhu said.
Mushayavanhu added: “For the avoidance of doubt, the Bank advises the public and businesses that the Know Your Customer (KYC) transaction limit of ZW$100,000 does not apply to proceeds from legitimate business transactions during the transition period to 30 April 2024.
“The Reserve Bank wishes to advise the public that the educational and awareness campaign on the transition from the ZW$ to the use of ZiG in the market is currently underway and expected to be all-inclusive, reaching out to a wider spectrum of society by the 30th of April 2024, in line with the Bank’s financial inclusion strategy.”
