RBZ encourages use of ZiG coins

24 May, 2024 - 08:05 0 Views
RBZ encourages use of ZiG coins RBZ Governor John Mushayavanhu

The Sunday News

Vusumuzi Dube, Online News Editor

The Reserve Bank of Zimbabwe (RBZ) has assured the nation of adequate ZiG coins and notes in the market, further encouraging the transacting public to withdraw ZiG coins from banks for their transactional benefit.

In a statement RBZ governor, Dr John Mushayavanhu said they had since noted that there was a low uptake of ZiG coins noting that was resulting in the breakdown in the cash transmission mechanism.

He revealed that the ZiG coins- in denominations; ZiG1, ZiG2 and ZiG5- were issued in quantities sufficient to meet the demand for small denominations used to conduct low-value transactions as well as usage of small denominations for change.

“The Bank has noted, with concern, a breakdown in the cash transmission mechanism as evidenced by the low level of ZiG coin withdrawals from commercial banks and, therefore, encourages both corporates and individuals to approach their banks and withdraw coins for their transactional convenience.

“For the convenience of the transacting public, the Bank has, over the years, maintained a constant ratio of currency in circulation in relation to other monetary aggregates such as narrow money and broad money,” said Dr Mushayavanhu.

The RBZ governor further reaffirmed the bank’s unwavering commitment to ensuring the public’s convenience by providing adequate cash, assuring the efficiency, safety, and soundness of the national payments system, which are well-suited to support electronic means of payment.

“In line with our efforts to promote a cash-lite economy, we encourage the usage of electronic means of payment, as digital financial services are a key enabler for financial inclusion. The Reserve Bank will continue to engage commercial banks and leverage their wide branch network to ensure an efficient and effective supply of currency in the economy,” reads the statement

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