Financial News

New Currency Coming within 2 Weeks – Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has just announced that the central bank will release a new currency in two weeks.

RatesZW can confirm that the monetary authorities will introduce new $2 and $5 Zimbabwe Dollar notes and not bond notes as well as $2 bond coins in circulation in the next two weeks.

The governor dropped the bombshell at the inaugural press conference given by the Monetary Policy Committee (MPC) on Tuesday afternoon.  Mangudya stressed that the new currency will circulate alongside the bond notes and coins.

President Emmerson Mnangagwa and Finance Minister Mthuli Ncube had previously said that Zimbabwe would have a new currency before the end of the year.  However, they were accused of ambushing Zimbabwean citizens and the business community when they introduced the RTGS$ as a new currency barely a month later.

Early this month, economist and member of the MPC Eddie Cross announced that the release of the new currency will do away with the chronic cash shortages the country has been experiencing.  In an interview with state broadcaster ZBC, Cross said,

“We have insufficient cash in the system to meet people’s needs for transactions.  [The new notes] should do away with the queues at the banks and people then should have adequate money for daily use.”

However, at the time, the government issued a strongly worded statement warning that Cross was not speaking in any official capacity.

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