By Daniel Itai.
Harare, Zimbabwe (News of The South) – The Reserve Bank of Zimbabwe (RBZ) has injected an additional $20 million to the already $120 million which was put last month following the introduction of new bank notes.
By injecting the additional $20 million the RBZ is hoping to ease cash shortages which have now seen a lot of Zimbabweans resorting to plastic money.
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“We have put in about $20 million. We targeted the People’s Own Savings Bank (POSB) specifically but not exclusively because we know that a lot of our ordinary citizens are banking with it and it’s important that they have all the cash that they need,” said Finance and Economic Development minister Mthuli Ncube.
The RBZ introduced new $2 coins, $2 and $5 notes following a surge in demand for cash in the informal sector which operates largely on a cash basis.
The Finance and Economic Development minister further said the government was aware of the work underway regarding the revaluation of pensions in light of currency changes in 2009 and this year.
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