Harare - In a bid to curb the recurrent cash shortages, the government will introduce a 'new currency' in November to alleviate the...
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Harare - In a bid to curb the recurrent cash shortages, the government will introduce a 'new currency' in November to alleviate the transacting public.
The news were attributed to Eddie Cross, a member of the central bank’s Monetary Policy Committee.Zimbabwe has been chronically short of hard cash, forcing most transactions onto electronic platforms such as mobile-money system Ecocash.
And recently, the Reserve Bank of Zimbabwe (RBZ) shut down all mobile money transactions, saying they are fueling the black market. In less than a day, they were forced to reverse their unpopular decision.
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| Cash Crisis has Hit Zimbabwe for a While |
“We have insufficient cash in the system to meet people’s needs for transactions,” Cross told the Zimbabwe Broadcasting Corp.
The new notes “should do away with the queues at the banks and people then should have adequate money for daily use.”
The Zimbabwe dollar was reintroduced in June in electronic form after being abolished in 2009 following a bout of hyperinflation.
Cross has recently attacked the monetary bodies for causing chaos in the economy.
“I do not know what we have to say or do to get those in authority here to get them to understand that if they do nothing, Zimbabwe is headed for a political storm which could change everything or even sink the ship.
“I am regarded as a perpetual optimist, I am not really as I think quite rationally, but I always try to put forward a solution or way forward that I think is in the national interest.”
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