Residents welcome new RBZ notes, but wary of inflation
THE Central bank’s move to increase cash withdrawals up to $1 000 weekly for an individual following the introduction of new notes has been met with mixed feelings by Zimbabweans
While the residents welcomed the new higher denomination notes, they were worried about the increase in inflation that arises.
New $10 notes will be introduced into circulation on Tuesday, the Reserve Bank of Zimbabwe (RBZ) said in a statement, adding that new $20 notes will enter circulation first week of June.
In a statement, RBZ Governor John Mangudya said banks have been directed to ensure that the withdrawal limits were strictly observed.
“The Bank will not tolerate any abuse of currency and will decisively deal with any such abuse in terms of the law,” he said.
“The Bank also advises that it has revised withdrawal limits upwards from $300 per week to $1000 per week with effect from 19 May 2020.
Banks have been directed to ensure that the withdrawal limits are strictly observed,” Mangudya said.
“We are happy that the issue of $2 and $5 notes being refused when one wants to but because of their quality is now a thing of the past but are worried that this would eroded by the galloping inflation said a residents leader.
Year-on-year inflation in March stood at 676,39 percent.