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RBZ Released ZiG$46 Million In Cash, But Only 30% Circulates - Mnangagwa

10 months agoWed, 05 Jun 2024 10:08:40 GMT
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RBZ Released ZiG$46 Million In Cash, But Only 30% Circulates - Mnangagwa

The Reserve Bank of Zimbabwe (RBZ) has disbursed ZiG46 million in notes and coins to the banks, but only 30% of the cash has been released to the market, Finance, Economic Development and Investment Promotion deputy minister David Mnangagwa has said.

Responding to questions about the scarcity of ZiG at the inaugural Capital Markets Conference which ended yesterday in Nyanga, Mnangagwa said that most of the cash circulates in the informal sector, but the banks, which have the notes, only transact with the formal sector. Said Mnangagwa (via NewsDay):

I did raise concern with the governor about the issue around fear of money not circulating and, indeed, he showed us his dashboard of the amount of notes that have gone to the banks.

But, we went further and asked how much have the banks released to the markets and this is where the joke is.

They have only released 30% of the monies they have been given by the RBZ and what then happens after that is now outside of the RBZ’s control.

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So, you find that most of the fiat money circulates in the informal sector, but the notes are with the banks who only transact with the formal sector. Maybe it’s going to be gradual.

Last month, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu said that the central bank released enough ZiG cash for use by the public in conducting low-value transactions and for change.

Mushayavanhu urged corporates and individuals to approach their banks and withdraw coins for transactional convenience.

Mnangagwa was unsure whether the country still had cashback facilities but urged retailers to go to the banks to get ZiG notes and coins. He said:

I don’t know if our economy drivers have bank accounts that they need to go and withdraw coins. I think we have to assist each other to make sure that there’s circulation of these notes.

So, it is an issue that is, I think, dividing the whole market and we need to come up with innovative ways. I don’t know if the capital markets can help.

I’m not sure if they actually are concerned about the notes and the coins. Probably not so much, but this is a countrywide issue.

The shortage of ZiG notes and coins in circulation is inconveniencing traders and transport operators, among others.

There are concerns that the shortage of notes and coins will work against the government’s efforts to promote the use of local currency and make de-dollarisation difficult.

More: Pindula News

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23 Comments

kembo kashiri chinamasa · 10 months ago
Inga ihwiza chaidzo kwese kwese mnangagwa, aaaaa zvakaoma kutora a pahukama nhai i corruption zvatanga
poor · 10 months ago
kanyika kazombotambura aka nenhau dzemari...
...,. · 10 months ago
so, for three months without that currency, what do they think the poor who that money is mostly for have been using? if a country can go for a week without a local currency and business carries on, is that currency at all necessary? just leave the smaller denominations circulating as change and forget about releasing bigger denominations. zimbabweans know how to kiya kiya and survive in difficult circumstances, just as they have managed for 3 months without local currency! since we are now in June, have companies started looking for the zig as the governor had said?
Anonymous · 10 months ago
ZiG failure doesn't need VAR technology..
Anonymous · 10 months ago
Ngano dzekukundikana hadzipere...
🎎 · 10 months ago
Ma banks hopefully arikuku chinjirai Zig achikupai USD coz I don't think ma stands,mota, building materials zvinotengwa ne Zig
keeper · 10 months ago
Kasi it is possible kut instead of ZIG vanokupa US kan une zig mu account here
th · 10 months ago
so far so good with zig let it remains as it is.
@orphan · 10 months ago
chi baby choiwanepi marii icho chisingagone kuchengeta vabereki vachoo
· 10 months ago
as a matter of fact, no one is even concerned about Zig..toridii,b
Orphans of Hope · 10 months ago
Revolutionary Greetings and Revolutionary Salutations to my lovely sister Chi baby Che ZANU PF am kindly appealing for your help help in terms of USD3 Buddie airtime i want to open my assignments in PDF format kindly send the recharge cards number to 0774 752580 through Sms my WhatsApp data bundle has depleted
Account Holder · 10 months ago
I’m not sure if they actually are concerned about the notes and the coins
🏃‍♀️ Chi baby Che Zanu 🌊 · 10 months ago
Saka mari yedu iri kushanda,va Mnangagwa vari kutonga and munyika mune runyararo. Haungamboti takabva kusarudzo last year.Nyika ngaivakwe. Vanhu ngavashandire nyika kwete kushandiswa nema Brishiitii
🏃‍♀️ Chi baby Che Zanu 🌊 · 10 months ago
Police yakagona pakusunga ma change money 💵 aya aiti hee todonhedza ZiG chii chii
🏃‍♀️ Chi baby Che Zanu 🌊 · 10 months ago
I love the fact that ma change money 💵 aya spent some time ku RAZOR vachifambwa nenhata.Manyemwe ekuti todonhedza ZiG akabva aperera mumhepo. In Zimbabwe if you declare war against the government then be ready to fall. ZiG richashanda muchida musingadi
' · 10 months ago
Are you aware of the zig market rate?
🏃‍♀️ Chi baby Che Zanu 🌊 · 10 months ago
Tiudze yako rate nepauri... Or tiudze panowanika ma rates akati kwirei zvigadziriswe pachena
so many words · 10 months ago
so many words uttered but very little said. the Ministers are a joke ...they have no solution for the country’s change problem. thats a joke. no minister must say i dont know...it shows they are not using their boardrooms for intended purposes
Anonymous · 10 months ago
Exactly ... and the banks ... a joke
Chibaba · 10 months ago
Ngano dzema Zig taneta nadzo pliz.
,,,,dott · 10 months ago
zig rikushanda zvakanaka

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