Renowned Economist, Eddie Cross revealed that Zimbabwe is going to have a new currency next month. Mr Cross revealed this as he was urging the government to increase money supply so that EcoCash agents trading cash will be out of business and bring stability in the economy.
The amount of cash in the market does not meet the demand. RBZ has to ensure that there is enough money in the market by making sure there is regulated and controlled printing of money so that we fill in the gap that is left by the recent move.
We are hopeful that when we get a new currency sometime in November as promised by Government things will then stabilise.
Eddie Cross is a member of the recently appointed Monetary Policy Committee, a committee that formulate policies affecting money supply and interest rates in the economy, which makes his statement credible. But of course, we already knew that a new kind of Zimbabwe Dollar is in the works since Finance Minister, Mthuli Ncube revealed it in August.
However, we just didn’t know when exactly will new notes and coins labelled “Zimbabwe Dollar” will be introduced- thanks to Eddie Cross now we know. Mthuli Ncube will most probably utilise the upcoming 2020 National Budget Statement Presentation to make an announcement of the new currency.
Also read: SONA Talking Points: President Pleased With Stability Of Exchange Rate, Speaks On ‘Cash Traders’
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