Chronicle Editor
Patrick Chitumba, [email protected]
BUSINESS operators and residents in Gweru have expressed concern over the unavailability of the new currency, the Zimbabwe Gold (ZiG) and have appealed to the Reserve Bank of Zimbabwe to release more notes and coins to enhance the ease of transacting.
The Central Bank introduced the ZiG a month ago to replace the Zimbabwe dollar, which had fallen to about $33 000/US$1 on the interbank market.
The new structured currency is backed by gold and other precious minerals as well as foreign currency reserves.
The release of ZiG coins and notes was roundly welcomed by the transacting public but the problem is that the new currency is not available.
Most ZiG transactions are through swiping, bank or mobile money transfers as the cash is in short supply.
This has adversely affected registered small businesses that do not have swipe machines as well as informal traders who demand cash for transactions.
These businesses are now forced to demand rand and US-dollar for their goods and services.In separate interviews, residents and businesses said while they are pleased with the introduction of ZiG, they want the RBZ to release bigger notes denominations so that transactions are made easier.
“I operate a grocery shop in Woodlands suburb but to be honest with you, I have not received the new currency. For transactions we are using the US dollar and the rand. “If we have more ZiG, I think it will boost our business,” said Mr Owen Masango.
Another resident, Mrs Nyasha Tatenda said she was still to touch or see the ZiG.“When I pay US$1 fare when commuting to town, they give me change in rand or coupon,” she said.For those doing electronic transactions at Gweru City Council and in big supermarkets they said they were used to swiping or mobile money and have no need for cash.
Consumers buying from big supermarkets say they are not facing any challenges transacting in ZiG because they just swipe and this is the same for those paying bills at Gweru City Council.“When I want to buy using my ZiG account, I just go to big supermarkets like OK and swipe,” said Mr Alfonso Nduku from Mkoba 6 suburb.
Economic analysts, Mr Trust Chikohora, also said the RBZ should inject more ZiG notes and coins into the market.
“The issue of change is affecting the market as people are being forced to buy things they don’t need because retail outlets have no smaller denominations of the new currency. For example if a customer has US$50c change they are forced to buy sweets, pens or water because there is no change,” he said.
Mr Chikohora said even public transporters were facing the challenge of change hence some have introduced coupons which they use as change.“There is a serious shortage of ZiGs on the market and there is therefore, urgent need to increase both ZiG coins and notes in circulation,” he said.
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