RBZ Releases $20 Million In Banknotes Into Circulation

The Reserve Bank of Zimbabwe (RBZ) released $20 million in banknotes into the economy last week in a bid to make cash more easily accessible as the festive season beckons.

Speaking to The Herald on the sidelines of a familiarisation tour of the Insurance and Pensions Commission (IPEC) head office in Harare on Friday, Finance and Economic Development Minister Mthuli Ncube said:

In the last week alone, we have put in about $20 million. We targeted POSB specifically, but not exclusively because we know that a lot of our ordinary citizens are banking with them and it’s important that they have all the cash that they need.

However, cash remains extremely scarce with depositors spending hours at ATMs waiting to withdraw their savings, with the weekly withdrawal limit still capped at $300.00.

On Friday, President Emmerson Mnangagwa said that the government will release into circulation $10 and $20 notes “in the next few days”.

More: The Herald