Government to introduce bigger money denominations

Prof Mthuli Ncube

The government is set to introduce bigger denominations than the current ZWL$5 notes in due course to curb cash shortage, the Ministry of Finance and Economic Development has said.

The Ministry of Finance and Economic development revealed this at a press conference this Friday in Harare.

The Minister of Finance, Professor Mthuli Ncube snubbed claims of rejection of the new currency and highlighted the general populace has embraced the new currency.

“People have embraced the new currency, they want it, they are actually looking for it. The only challenge is that they are failing to get it due to cash shortages,” said the Minister of Finance and Economic Development Professor Mthuli Ncube.

The Ministry of Finance and Economic Development emphasised that the government is aware of the cash challenges faced by the public, hence the cash injection of smaller denominations of the new currency into the system while the government works on availing bigger denominations.

“There are actually other larger denominations that are on the way, you do not start by bringing in 500 dollar notes and throw in 1 billion of that money into the market.   We are aware the money on the market is not adequate to meet the demand and hence the long queues,  once we bring in the new denominations you will witness a smooth floor of cash,” said the Permanent Secretary in the Ministry of Finance and Economic  Development, George Guvamatanga.

The Reserve Bank of Zimbabwe recently introduced new notes onto the market in a move aimed at dealing with the cash challenges facing the country.