Some banks yesterday started issuing new $10 notes to
customers queuing for cash, although others said they would only start availing
them today.
The red $10 notes were put into circulation by the Reserve
Bank of Zimbabwe (RBZ), with the new blue-grey $20 notes going public in the
first week of June.
Weekly cash withdrawal limits more than tripled from $300
to $1 000 from today.
All businesses in the formal sector have been accepting
debit cards or mobile money transfers for some time now, are unlikely to be
affected positively or negatively by the new notes, and even in the informal
sector, vegetable vendors are increasingly advertising their EcoCash numbers
for mobile money transfers.
There are micro-businesses who offer lower prices for cash,
and the increased quantity of cash in circulation is likely to reduce the
discount given for banknotes, with all prices tending to come close to the
digital money prices. It was too early yesterday to see what effect the extra
cash in circulation was having on the market.
Most people do need cash for bus fare, although Zupco has
introduced tap cards and there is no difference between cash and tap fares.
The Covid-19-induced national lockdown, which has been
extended indefinitely, has made it difficult for people to access new Zupco tap
cards, although those with such cards can prepay them at some retail and other
shops.
With independent commuter omnibuses suspended from
operating, only Zupco buses and contracted transporters allowed to offer public
transport, it is likely that cash fares will in the end, be replaced by tap
cards.
However, pirate operators, the mushikashika and private
motorists offering lifts still demand cash.
Availability of banknotes should see the premiums demanded
by sellers of cash for mobile transfers dropping, as supply increases to meet
demand. Herald
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