Former banker and Treasury secretary George Guvamatanga told the media today: “We want to manage money supply. We are aware the money isn’t adequate and this will be addressed. You don’t start by bringing in $500 notes.”
He said bond notes and coins will be phased out gradually.
Zimbabwe is currently experiencing serious cash shortages.
The Reserve Bank of Zimbabwe said it would be injecting $1 billion into the market but will do so gradually.
Zimbabwe needs at least $2.2 billion in circulation but currently has less than a billion.
Cash in circulation seems to be generally a problem in Africa.
While China has US$25 trillion in circulation, Egypt, which has the highest cash in circulation in Africa, has US$197 billion in circulation
Top 10 Countries With the Most Stock of Broad Money
(110 VIEWS)
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…