Business

RBZ calls on public to withdraw smaller ZiG  denominations; says adequate stocks available

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has implored companies and individuals to withdraw the smaller ZiG denominations which are now readily available.

On April 5, the Reserve Bank of Zimbabwe introduced a new “structured currency” ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold, and other precious minerals, and will circulate alongside other foreign currencies.

However, the markets have experienced change shortages leaving the transacting public more desperate than before.

 RBZ governor, Doctor John Mushayavanhu Thursday announced that smaller denominations are readily available.

 “The Bank has noted, a breakdown in the cash transmission mechanism as evidenced by the low level of ZiG coin withdrawals from commercial banks and therefore encourages both corporates and individuals to approach their banks and withdraw coins for their transactional convenience,” said Mushayavanhu.

The central bank also reaffirmed  its unwavering commitment to ensuring the public’s convenience by providing adequate cash and also assured the  efficiency , safety and soundness of the national payments system, which is well suited to support electronic means of payment.

“In line with our efforts to promote a cash lite economy , we encourage the usage of electronic means of payment , as digital financial services are a key enabler for financial inclusion. The Reserve Bank will continue to engage commercial banks and leverage their branch network to ensure an efficient and effective supply of currency in the economy,” added Mushayavanhu.

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