HomePoliticsCurrency change-over hits snag

Currency change-over hits snag

Augustine Mukaro

THE Reserve Bank’s much-awaited money changeover failed to take off this week after the central bank experienced logistical hitches, the Zimbab

we Independent
heard this week.

Sources at the bank said the changeover could not take place because the RBZ was still putting together human and material resources required to execute the programme.

“Everything has been put on standby,” a source said. “The RBZ this week purchased 200 vehicles from different car dealers. Payments have already been done but a hitch has developed on the registration process because the Central Vehicle Registry does not have number plates. The vehicles were however delivered to the RBZ on Wednesday.”

The source said the RBZ finished the recruitment of former police officers and other support staff to assist in the transportation of the new notes as well as securing other smaller implements this week.

“About 1 000 money counters have also been purchased for this exercise, suggesting that the changeover could happen anytime,” the source said.

The source said RBZ delayed the changeover to allow schools to close so that they could use the facilities as the money changing centres. Last year when the RBZ governor Gideon Gono knocked off three-zeros from all bearer cheques, schools were used as distribution points. Schools are the most strategic centres because they are evenly distributed and accessible by all communities throughout the country. The schools closed this week.

The source however said RBZ has already dispatched advance teams into the countryside to prepare for the changeover. .

Speculation is rife that the changeover was likely to take place next week as a way of resolving the worsening cash shortage that has hit the country over the past three weeks.

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