Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu says there is no justification for the domestic market to continue to experience a shortage of change given that the central bank has released ZiG55 million, including small notes and coins.
As reported by The Herald, on Monday, 10 June, Mushayavanhu met stakeholders from the public transport sector at his offices in Harare to discuss the challenge of small change in the domestic market and explore solutions to address the challenge.
Representatives came from the Greater Harare Commuter Association (GHACO), Harare Youth Transporters Association (HAYTA), Integrated Taxi Rides Association (ITRA), Bulawayo United Passenger Transport Association (BUPTA), Bulawayo City Transit, Tshova Mubaiwa and Vuka Uzimele Transport Association (VUTA), among others.
Also present at the meeting were the Ministry of Transport and Infrastructural Development Chief Director — Transportation Systems Development and Management, Loveness Masuka, and the Acting Commissioner of Road Motor Transportation, Dzingai Mafusire.
Mushayavanhu said the RBZ released notes and coins enough to meet the needs of the travellers, especially for small change purposes. He said:
We have given banks the currency that they need and we expected that you, as the transport operators, would go to the banks and get the money so that you can give your commuters change.
It was also our expectation that the commuters would go to the banks and withdraw enough money for them to be able to pay for a single fare, but we do not know where the wheels have fallen off.
Last week we had to introduce additional measures, where we requested Homelink to implement, with effect from today (Monday), what we call “swipe for ZiG” facility to try and extend and increase the distribution points for ZiG.
Mushayavanhu also said the central bank had put into the market small denominations of ZiG1 coin, ZiG2 coin, ZiG5 coin, ZiG10 and ZiG20 notes to address the problem of small change. He said:
What we have not put in the market are ZiG50, ZiG100 and ZiG200. Last week, we had bankers here, what they seemed to be saying to us is that they have the coins, they have the bank notes, but there are no takers for those denominations.
My challenge to you is that as a bus operator, as a kombi operator, have you tried to go to the bank and say for my change requirements, I want ZiG500 in small denominations so that when commuters come to my kombi I can give them change?
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