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Andile Tshuma, Business Reporter
The Reserve Bank of Zimbabwe (RBZ) has announced plans to introduce a new currency within the next two weeks, as part of its measures to address cash shortages and improve money supply.
The announced was made by RBZ governor Dr John Mangudya while addressing journalists in the capital on Tuesday afternoon.
Dr Mangudya said the new currency will be pegged at 1:1 with bond notes and said supply will be increased over six months as the new currency will be injected into the economy.
“The new currency will not be called bond. It’ll just be called dollars and will be 1:1 with the bond notes. We are going to increase cash supply over the next six months and coupled with this, we are also reviewing withdrawal limits up.
“We already have bond notes and coins in circulation, but we will now have bond coins of two dollars of currency in circulation,” said Dr Mangudya.
More to follow. . .
Online Reporter