Mthuli Identifies Reason Why Zimbabweans Continue To Use US Dollars & It's Not What You Think

Finance and Economic Development Minister Mthuli Ncube said the reason why Zimbabweans continue to use United States dollars locally is that there is a shortage of Zimbabwe dollars.

To deal with the problem, Ncube said $10 and $20 notes will be introduced in due course. Said Ncube:

We … know that one of the reasons why the US dollar continues to be used is that we do not have enough Zimbabwe dollars in circulation. There is a cash deficit of domestic currency.

That is why we have said we want to introduce more cash in a very prudent way. We have up to $5 notes now.

We will move to $10, $20 and sometime in the future if we need a higher denomination, we will make an analysis and determine. There is no urgency in that.

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Ncube made the remarks during an interview with Zimpapers Television Network (ZTN) last week.

In the same interview, Ncube warned that businesses that continue to demand payment in foreign currency will be dealt with severely.

More: The Herald