By Staff Reporter
The Reserve Bank of Zimbabwe has subtly acknowledged the shortage of ZiG cash is circulation especially the small denominated coins convenient for change. This is the first time the Apex bank has accepted the ZiG is in not circulating as it is supposed to be, something the transacting public has been mourning about especially those who commute daily’
However, the RBZ is absolving itself in the occurrence citing what it termed ‘a breakdown in cash transmission mechanisms.
“The Bank has noted, with concern, a breakdown in the cash transmission mechanism as evidenced by the low level of ZIG coin withdrawals from commercial banks and, therefore, encourages both corporates and individuals to approach their banks and withdraw coins for their transactional convenience,” said Dr John Mushayavanhu.
The RBZ Chief moved to assure the transacting public that the bank has enough cash to meet demand.
“The Reserve Bank of Zimbabwe (the Bank) wishes to advise the transacting public that ZiG coins in denominations ZiGI, ZiG2 and ZiG5 were issued in quantities sufficient to meet demand for small denominations used to conduct low-value transactions as well as usage of small denominations for change. In addition, the Bank has also issued ZiG10 and ZiG20 notes in adequate quantities consistent with the optimal currency issuance ratios,” added the Governor.
Dr Mushayavanhu also encouraged the public to make use of electronic money, something that buttress speculation that the Apex is aware that money is circulation is not enough.
“In line with our efforts to promote a cash-lite economy, we encourage the usage of electronic means of payment, as digital financial services are a key enabler for financial inclusion.”