Zimbabwe News

Zimbabwe’s central bank says notes, coins issued since 2016 remain valid

Business Management Salary
A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo – RTX2CZDI

Zimbabwe’s central bank said Thursday all banknotes and coins issued since 2016 remain legal tender in the country and any trader who rejects them is violating the law and should be prosecuted.

Reserve Bank Governor John Mangudya said this in his mid-term monetary policy review statement.

This follows incidents where some traders are rejecting the 2, 5 and 10 dollar Zimbabwe banknotes following the introduction of the 50 Zimbabwe dollar note last month, the highest banknote so far in circulation in the country.

“All banknotes and coins issued by the Bank since 2016 remain legal tender in Zimbabwe. The banknotes and coins have not expired and hence the behavior by some traders to reject some of the notes in circulation to the detriment of members of the public is deplorable and an unfair way of conducting business.

“That wayward behavior is spurred by negative ulterior motives which are associated with arbitrage and the practice of not banking money.

The Bank encourages the public not to be short-changed by such traders and to report such unbecoming behavior to the Bank or the Financial Intelligence Unit (FIU) or the Zimbabwe Republic Police for corrective action to be taken against such malpractices,” Mangudya said.

Zimbabwe is allowing the use of both local currency and the U.S. dollar for transactions. Enditem


Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button