Chuyển đến nội dung chính

Mangudya reveals more details about new money

Mangudya reveals more details about new money.THE Reserve Bank of Zimbabwe (RBZ) will introduce new bank notes in the next two weeks and increase withdrawal limits as it moves to tackle biting cash shortages and ease the burden on the transacting public.


The new notes will be introduced in denominations of $2 and $5 as well as $2 coins to avoid larger denominations that may lead to inflation, RBZ Governor, Dr John Mangudya, said yesterday.He revealed this following the inaugural Monetary Policy Committee (MPC) meeting on Monday and Tuesday, which tabled a number of resolutions aimed at consolidating the recent country’s monetary policy reforms.


Dr Mangudya said the new bank notes and coins will be pegged at 1:1 with bond notes in terms of value and that cash supply will be increased over the next six months.“We agreed to increase fiscal cash in circulation from current $768 million to a level, which is commensurate with the rest of the world.Currently our money supply is $19 billion. Our money in circulation, which is notes and coins, is about four percent.  Internationally what is pertaining is about 10 to 15 percent,” Dr Mangudya told journalists in Harare.“We want to ensure that this economy has enough cash. Over the next six months, from the next fortnight, we will be putting money into the economy, physical cash of up to 10 percent, we are going to spread it across six months.10 percent of the $19 billion is $1,9 billion minus the $800 already on circulation, it means we will be feeding $1,1 billion dollars over the next six months into the economy.”


The new notes and coins will not be called bond, he explained, “It’ll just be called dollars” and will be 1:1 with the bond notes.“Coupled with this, we are also reviewing withdrawal limits up,” said Dr Mangudya who revealed that the new monetary committee was seriously concerned about the shortage of cash in the economy.As such he said additional cash injection will be carried out through the non-inflationary exchange of RTGS money for physical cash.Persistent cash shortages have induced a severe strain on the transacting public as it became a breeding ground for a thriving parallel market, which has seen cash being sold at premiums of up to 60 percent.Consumers have also endured the pain of a multi-tier pricing system, also informed by cash shortages and speculative market distortions.


The scenario also pushed businesses to the corner amid price escalation and the rising cost of doing business, which spiked further following introduction of Zim-dollar in June this year.Dr Mangudya said the bank was seized with formalising the process and satisfying the legal requirements before introducing the new bank notes, which includes advertising the notes’ specimen prior to official use.In its comprehensive press statement after the two-day meeting, the RBZ Monetary Policy Committee (MPC) noted a number of issues that require urgent implementation for attainment of macro-economic stability and sustainable development.In particular, it focused on the recent economic developments, inflation trends, cash challenges in the economy, exchange rate and foreign exchange inflows and outflows, as well as the interbank market and national payment issues.

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Meghan Markle's shock family showdown in LA

The Markle family are again lashing out following new claims that Meghan Markle has not reached out to her father during the coronavirus crisis.In yet another explosive interview, Thomas Markle, 53, has claimed that his half-sister is still yet to check in on their 75-year-old father, Thomas Markle Sr.It comes just days after it was revealed that Meghan’s father-in-law, Prince Charles, is no longer in self-isolation after he had symptoms and tested positive for the life-threatening COVID-19 last month.“Meghan has not called [Dad] to ask how he is,” says Thomas. “It’s really, really, absurd Thomas, who insists he is in daily contact with their Mexico-based father, believes Meghan has shown zero concern for their elderly father.“She has made no effort to find out how he’s coping with this crisis, if he’s got enough food and supplies or if his health is OK,” Thomas continues.The Markle family are again lashing out following new claims that Meghan Markle has not reached out to he...
Đăng nhận xét
Đọc thêm

Chamisa's lawyer spoke out about Mnangagwa's fraud evidence during the election

OPPOSITION MDC leader Nelson Chamisa will launch a renewed bid to oust President Emmerson Mnangagwa by seeking to have the Constitutional Court (ConCourt) review its own judgment based on “new evidence.”.Chamisa’s lawyer Thabani Mpofu said after studying academic works on the elections published by self-exiled former minister Jonathan Moyo, they were now making efforts to have the judgment on the 2018 presidential elections set aside.The country’s top court ruled that Chamisa had failed to prove allegations of fraud during the presidential election, a vote which left the nation polarised and violence on the streets of the capital Harare.Mpofu said the basis of approaching the ConCourt was because they now believe that the Zimbabwe Electoral Commission (Zec) presented to the courts false information and, therefore, their call for the judgment to be set aside.“The general rule is that once a final judgment or order has been given, the judge who gave it or any other judge of parallel juri...
Đăng nhận xét
Đọc thêm

Grace Mugabe to make a graceful exit from politics

The future of former First Lady, Grace Mugabe, who arguably created more enemies than friends during her husband's last days in office, now hangs in the balance. The demise of the former president.Robert Mugabe, the man from whom Grace drew power and protection, leaves his wife now exposed. Grace, who during the greater part of husband's presidency had been focused on charity work, before later venturing into politics..With the support of Mugabe, Grace was in December 2014 parachuted to the helm of ZANU-PF Women's League, automatically qualifying to sit in the ruling party's highest decision-making body, the Politburo..The ex-First Lady then used her position and marriage to Mugabe to vilify all those she perceived to be harbouring ambitions of succeeding Zimbabwe's long-time ruler..She became literally untouchable with ministers currying favours with her to avoid being sacked by the President. The former First Lady ganged up with the G40 faction of ZANU-PF....
Đăng nhận xét
Đọc thêm