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OpenRBZ Plans To Introduce Higher Denomination ZiG Notes
The Reserve Bank of Zimbabwe (RBZ) is considering the introduction of higher denomination ZiG notes to facilitate smoother cash transactions.
RBZ Governor John Mushayavanhu told The Sunday Mail that the volume of new notes set will be drip-fed into the market to align with projected economic activity, ensuring market stability. Said Mushayavanhu:
Plans to introduce higher denominations are underway and the amount to be introduced will be optimal and consistent with the envisaged economic activity.
Going forward, the Reserve Bank expects to progressively increase the proportion of cash to total deposits to 5 percent, which is close to countries with similar economic structures in the region.
Given the current money market position, the Reserve Bank is committed to maintaining the value of the ZiG and implementing measures that will preserve its transactional and store-of-value functions and support the de-dollarisation journey.
The RBZ will progressively increase the amount of ZiG in circulation to optimal levels, consistent with anticipated broad money growth supportive of economic activity.
The RBZ will ensure that the increase in local currency is fully covered by foreign reserves (gold, other precious metals and nostro balances), at all times, and in line with the foreign reserves accumulation strategy.
While the RBZ asserts that the ZiG has stabilized, trading at just over ZiG26 per US$1 on Monday, January 13, the street rate remains around ZiG40 per US$1.
Additionally, formal retail outlets have moved away from using the fixed official rate. When they do, they tend to inflate prices in USD to protect themselves from potential losses.
More: Pindula News
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