Cashless Zimbabweans Kept Waiting as Banknotes Fail to Arrive
Cashless Zimbabweans Kept Waiting as Banknotes Fail to Arrive
Zimbabweans haven’t had their own currency for almost a decade and on Monday cash-strapped citizens were kept waiting a bit longer for the promised first batch of new banknotes.
The Reserve Bank of Zimbabwe was expected to officially release the $2 bond coin, Z$2 and Z$5 banknotes in a bid to ease a cash crunch. The Zimbabwe dollar was reintroduced by authorities in June as the sole legal tender.
The bank notes and coins would substitute electronic balances, the central bank said and Z$1 billion would be “drip-fed” into the economy over the next six months to help end arbitrage and premiums charged for cash of as much as 60% on the parallel market.
Zimbabwe President Emmerson Mnangagwa reiterated at a rally over the weekend the cash and coins would be in circulation by Monday, but none had arrived at banks at the country’s two biggest cities by mid-afternoon.
John Mangudya, the central bank governor, didn’t immediately respond to calls seeking comment on the delay in the release of notes. The Bankers Association of Zimbabwe didn’t immediately respond to requests for comment.
--With assistance from Godfrey Marawanyika.
To contact the reporter on this story: Ray Ndlovu in Johannesburg at rndlovu1@bloomberg.net
To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net
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