The Reserve Bank of Zimbabwe had promised that people would start getting the new Zimbabwean dollars and bond coins yesterday, 11 November. Well, that never happened as banks said they didn’t have the money.
It seems despite having ample time to send out money to banks, the RBZ, for reasons best known to themselves, only started sending out the cash to banks yesterday.
I can confirm that the new notes are being taken from the central bank and normal processes for a takeover of the notes are underway.
Some banks have already collected the notes while others are still in the process. The public was expecting to hold the cash today, but it’s a process.
As BAZ we are confirming that the banks will start dispensing the new notes tomorrow (today Tuesday 12 November).Bankers Association of Zimbabwe (BAZ) vice president Ralph Watungwa
Depositors who woke up early with renewed hope that they would now be able to get their money and for the first time avoid the government’s much-loathed 2% tax had to walk away empty-handed.
The RBZ, it seems only started giving banks that cash yesterday. Instead of admitting delays and fault the RBZ opted to blame banks for holding back cash claiming it had already released $30 million in cash.
The thing is that it’s a process and it takes time for cash to find its way to depositors. Also given current inflation levels it is doubtful if the new cash will be enough. The government has promised around $1 billion in cash. $30 million is a drop in the bucket.
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