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Liberty Dube
Business Correspondent
THE Manicaland business community has embraced the introduction of a new $50 banknote which went into circulation on Wednesday, saying the move will go a long way in alleviating cash shortages.
The new $50 note was introduced through Statutory Instrument 196 of 2021 that was announced by the Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, on Tuesday.
Businessman and Eastern Highlands Experience member, Mr Munya Zinomwe said: “The introduction of the new $50 note is a welcome and convenient move for the transacting public.
“With the rise in prices, it had become quite a challenge for big cash transactions.
“It will become easier and faster to transact with the new $50.
“Going by the RBZ statement, the business community hopes and trusts that this move won’t be associated with the increase in money supply,” said Mr Zinomwe.
Pharmacist and businessman, Mr Nelson Temba said: “With the exchange rate stabilising and inflationary pressure easing down, we welcome the gradual introduction of higher denomination notes by the RBZ to enhance convenience to the transacting public.
“Depositors and consumers will be able to access the country’s sovereign currency from their electronic balances, and we are hoping for an upward review of individual withdrawal limits.”
Mr Edison Kudzieta, a local businessman echoed the same sentiments.
“It is a matter of convenience. It is a matter of not having a wallet full of notes. Everyone should embrace this move.
“In the near future, we expect the introduction of higher denominations for the sake of more convenience,” said Mr Kudzieta.
Zimbabwe Mining Federation national treasurer, Mr Lufayi Shato said Zimbabweans should be proud of their own currency.
“We cannot depend on other countries’ currencies.
“We need to use our own currency and be proud of it. We should have the option of walking into shops and supermarkets and making our purchases without any inconveniences. We are often delayed at tollgates due to the shortage of cash,” said Mr Shato.
Director of Parkdale Investments, Mr Mathias Makhuyana said the introduction of the new $50 note will go a long way in increasing liquidity in the economy.
Mutare Informal Traders Association of Zimbabwe president, Mr Itai Kariparire said informal traders also applaud the RBZ for addressing the issue of cash shortages.
“This is a welcome development for informal traders.
“Small denominations are readily available and therefore we won’t face any challenges in transacting with the bigger note.”
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