EDDIE CROSS, RBZ ADVISER, announces that a new Zimbabwe currency will come into circulation in November 2019.

EDDIE CROSS, RESERVE BANK ADVISER, IN THE NEWLY EASTABLISHED MONETARY POLICY COMMITTEE advising the Reserve Bank of Zimbabwe , on Wednesday announced that a new Zimbabwe currency will come into circulation in November 2019.
Cross had told the ZBC that “we have insufficient cash in the system to meet people’s needs for transactions.”
He added that the new currency “should do away with the queues at the banks and people then should have adequate money for daily use.”
Last week, the Zimbabwe government banned cash-in and cash-out services on mobile currency transactions. In announcing the moves, the RBZ said it would be injecting cash into the banking system soon to address a cash shortage that had opened arbitrage opportunities for mobile money traders.
“The RBZ will be injecting cash into the economy without changing money supply,” governor John Mangudya said in an October 1 statement clearly pointing to an ongoing process to print billions in new notes. “In this regard, banks will exchange existing RTGS balances for cash thus maintaining the monetary base unchanged.”
In February, Zimbabwe had around RTGS$10 billion in RTGS balances in the banking system, but very limited bank notes and coins in circulation which has seen pensioners, war veterans and workers who need cash spending hours in bank queues to be given just Z$100 – which is now just enough to buy a chicken and a loaf of bread. Paul Ngwenya- ZimLiveWELCOME EVERYONE: 260,867 MEMBERS, 1000 new members a day. A Quarter of a million members, thank you for the fast growth, participation and continuos encouragement to others to join the group, and engage other progressive minded people in respectful and inclusive debate focused on information dissemination in issues that directly affect the ordinary person including human rights, good governance, accountability, transparency, housing, employment, development, girl child, equality, gender, peace, climate change, polllution, youth, freedom and more issues that directly affect the ordinary person. Information dissemination empowers the readers so that they are better placed to make well informed decisions and choices such as voting. Please feel free to add and encourage others to join.INFORMATION IS POWER!-Thank you for the support. Please email all your articles, photos and breaking news, to newzimbabwe.vision@yahoo.com ,linkedin.com/in/sibusiso-ngwenya-563a572b ‘Twitter-@sibungwenor whatsapp to Mr Sibusiso Ngwenya 0044 79 3 9100534 for publication on the constantly growing online groups, currently standing as follows:
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