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
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