CCZ commends RBZ on coins

Charity Ruzvidzo Business Reporter
THE Consumer Council of Zimbabwe (CCZ) has commended the Reserve Bank of Zimbabwe’s move to import coins in a bid to address the challenges of change which have a negative impact on the economy.Presenting the 2015 budget, Finance Minister Patrick Chinamasa said the central bank was in the process of importing coins.

“In line with the central bank Monetary Policy Statement, the Reserve Bank is on course in the importation of coins in order to address the problem of change and its unintended consequences in the economy,” he said, adding the coins are expected in the country this week.

“The coins are expected in the country in the first week of December 2014 with actual circulation starting mid December 2014,” he said.

The minister said RBZ would soon embark on campaigns to educate the general public on the features of the coins.

CCZ executive director Rosemary Siyachitema said the importation of coins would stop retailers from shortchanging consumers of their change.

“Since the introduction of the multi-currency system in 2009 many people have lost a lot of money because they’re told there is no change. If we’re to calculate the value of the money lost through change we would  find out that more could have been done with that money.

“We’re very glad RBZ is importing coins to ease the problem consumers have been facing,” she said urging consumers to report retailers who refuse to give them change.

“Consumers should be on the alert and demand for their change. No one should accept being given sweets in exchange for their money. Consumers must report to us so that we also report to the proper authorities to deal with the culprits,” said Siyachitema.

Zimbabwe adopted the multi-currency system to save the economy from the hyperinflation that had become uncontrollable.

The major currencies circulating in the economy are the Botswana Pula, British Pound, South African rand, and the United States dollar.