Zimbabwe: Apex Bank releases $15 million worth of new $5 notes

Feb 03, 2017

The $15 million worth of new notes released is part of RBZ effort to end cash shortage.

In a bid to stabilize Zimbabwe's financial system, Bank of Zimbabwe (RBZ) last Thursday introduced the $5 bond note, releasing $15 million worth of the new money into the market to reduce the on-going cash shortage. In the last quarter of 2016, RBZ introduced bond notes released through regular banking channels in small denominations of $2 and $5. However, with this latest injection of $15 million into the nation's financial system, a total of $88 million in bond notes is now in circulation. The Governor of the RBZ, Dr John Mangudya speaking on the Bank's effort to end the cash shortage in Zimbabwe urged the citizens to embrace electronic transactions to reduce demand on liquid cash. Zimbabwe has been faced with cash shortage and long bank queues with varying effects on the economy and financial sector. The release of the bond notes by RBZ is aimed at easing
the persistent cash shortage, supplement shrinking USD circulation and ease long bank queues.