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RBZ to introduce bigger denominations.

by BustopTV

By Paidashe Mandivengerei

The Reserve Bank of Zimbabwe (RBZ) will soon introduce bigger bank notes in a bid to deal with cash shortages in the country.

President Emmerson Mnangagwa said by introducing 10 and 20 dollar notes cash flow will improve.

Citizens are queuing at banks for over six hours to withdraw a $100 cash limit per week.

Ecocash and other mobile money agents taking advantage of cash unavailability are charging exorbitant fees for cash withdrawals.

Speaking at an anti-corruption day commemorations, Mnangagwa said RBZ his administration was trying to improve cash availability as more amounts will be injected and if this failed different measures will be undertaken.

“We will take further measures if the situation does not improve.

“Mozambicans have their currency called Metical, Botswana has the Pula and South Africa has the Rand, in Malawi they have theirs and Zambia has the Kwacha. The citizens do not care whether their currency is strong or not, they take ownership of it,” he said.

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