"Govt Not Yet Ready To Introduce New Currency", Mthuli

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"Govt Not Yet Ready To Introduce New Currency", Mthuli

The government is not prioritising issuing new banknotes and coins to replace the surrogate currency, bond notes and coins introduced in 2016.

This was revealed by Finance and Economic Development Minister Mthuli Ncube on Tuesday.

This follows a statement attributed to Ncube by Bloomberg last week that Zimbabwe will soon introduce new banknotes and coins.

However, Ncube told State media that the position right now is that the bond currency and RTGS balances constitute the Zimbabwe dollar. He said:

Not just yet, when we are ready we will let you know ourselves; officially.

The Zim dollar as things stand is basically bond notes, RTGS and bond coins; that is the official position; that is where we are right now. When we are ready to do anything else we will let you know.

There is a process for introducing additional cash into the market, as determined by demand. There is a formula and scientific approach of doing it, which the Reserve Bank of Zimbabwe uses.

So, that’s the methodology that is going to be used from time to time.

More: The Herald



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