Zimbabweans fail to access new bank notes

0 Comment(s)Print E-mail Xinhua, November 12, 2019
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HARARE, Nov. 11 (Xinhua) -- Zimbabweans failed to access new bank notes that had been promised by the central bank to start circulating on Monday.

A snap survey by Xinhua in Harare showed that the eagerly awaited 2 dollar coin, 2 dollar note and 5 dollar note had not been accessed by Zimbabweans from their banks by end of day Monday.

Some banks, mobile money agents and foreign currency dealers confirmed that they had not received the new notes and coins.

Reserve Bank of Zimbabwe Governor John Mangudya announced last month the introduction of the new notes to ease cash shortages.

He said the new notes totaling 1 billion Zimbabwe dollars would be gradually injected into the economy over the next six months to curtail fuelling inflation.

The new notes are expected to circulate alongside the surrogate bond notes that were introduced in 2016.

Zimbabwe has been facing cash shortages for quite some time, leading some to sell the few bank notes available at a premium.

Meanwhile, the RBZ said bank customers will be able to access cash at their banks starting Tuesday after it began dispensing the new notes and coins to all banks across the country, the Herald reported.

Mangudya said the central bank started cash distributions to banks Monday morning while those that could not be served are expected to get the cash Tuesday morning. Enditem

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