Zimbabwe outdoors new bank note

  1. Posted on Thursday 18 September 2008 - 09:27
    Mugadza
    Munyaradzi Mugadza, AfricaNews reporter in Harare, Zimbabwe
    The Reserve Bank of Zimbabwe issued a new $1000 bank note on Wednesday to harness the incessant cash shortage that has characterized the country for a couple of years. The new note comes after the central bank introduced a new family of notes in August after he slashed ten zeros to ease transactions.
    zimbabwe-bill-of-ten-million-dollar
    The central bank said: “Introducing the new 1000 Zimbabwe dollar note was for your (Zimbabweans) convenience.” It had imposed maximum withdrawal limits of $500 dollars which hardly buy nothing as a measure of controlling inflation which they believe was being fuelled by the continuous printing of money.

    However as a result, thousands of people are spending most of the time queuing for cash at their respective banks. Some woke as earlier as 3.00 am to queue for their money which they may fail to access at the end of the day.

    Recently the Reserve Bank Governor announced that the central bank would be licensing 1000 shops to sell goods in foreign currency and curb the shortage of foreign currency in the country.

    Addressing the thousands who came to witness the official signing of the power sharing agreement in Harare’s Rainbow Towers, the new prime minister of Zimbabwe Morgan Tsvangirai said the people of Zimbabwe should access their money without fail.

    However, the Secretary General of Zimbabwe Congress of Trade Union, Wellington Chibebe has condemned the central bank for restricting Zimbabweans from accessing their money.

    “A salary is a right and the central bank should not put limits to what one has to withdraw on a daily basis. After working for a whole week or month workers are again forced to join winding queues to withdraw their money. This is unfair and the central bank has to address it as a matter of urgency,” said Chibebe. He added that transport costs alone in urban areas now equaled the daily withdrawal limit.

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