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WATCH: New currency coming in 2 weeks time – Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has just announced that the central bank will release a new currency in two weeks.

iHarare can confirm that the monetary authorities will introduce new $2 and $5 Zimbabwe Dollar notes and not bond notes as well as $2 bond coins in circulation in the next two weeks.

Mangudya said,

We’re going to be releasing the currency, the coins and the notes, to ensure we don’t starve the market. We also want to revise the limits upwards so people do not pay a premium for cash. Within the next two weeks we will be having the cash,

President Emmerson Mnangagwa and Finance Minister Mthuli Ncube had previously said that Zimbabwe would have a new currency before the end of the year.  However, they were accused of ambushing Zimbabwean citizens and the business community when they introduced the RTGS$ as a new currency barely a month later.

Early this month, economist and member of the MPC Eddie Cross announced that the release of the new currency will do away with the chronic cash shortages the country has been experiencing.  In an interview with state broadcaster ZBC, Cross said,

“We have insufficient cash in the system to meet people’s needs for transactions.  [The new notes] should do away with the queues at the banks and people then should have adequate money for daily use.”

However, at the time, the government issued a strongly worded statement warning that Cross was not speaking in any official capacity.

 

Download RBZ statement following the first meeting of the Monetary Policy Committee on the link below.

Monetary Policy Committee Press StatementMonetary Policy Committee Press Statement

 

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