While the golden principle of money supply stipulates that
it must be scarce, vegetable vendors and other SMEs appealed to the Reserve
Bank of Zimbabwe to release more small denominations especially coins for
change and easy of doing business.
“We are hearing about it, but it’s not available here at
vending sites. We are eagerly waiting for it because it helps us for change to
our customers, said a vendors at easily shopping centre,” said a vendor.
“Because of lack of small denominations, we end up forcing
our customers to take things which they don’t like for the sake of transacting,
so if more ZiG is circulated it will make our business easier,” noted another.
Others who have used the ZiG are satisfied with the new
currency’s bargaining power.
“The ZiG has come as a relief commuting public. We can now
get change unlike in before when the Kombis were manipulating us as they could
not give us change,” said a car wash vendor in Harare.
“We want the ZiG coins to be availed on quantities so that
when I sell water I can give you your change rather that forcing customers to
take another bottle for the sake of balancing,” a water vendor explained.
The Reserve Bank of Zimbabwe introduced the new ZiG
currency on the 5th of April in a move expected to solve exchange rate
volatility and promote the use of local currency.
According to the central bank, the ZiG is fully-backed by a
combination of gold and other precious minerals, including foreign currency
reserves.
The central bank went on to release ZiG notes and coins on
the 30th of April, amid optimism of currency value preservation, smooth
transactions and stability.
The RBZ has also indicated it has reserved worth over
US$100 million in foreign currency, including 2,5 tonnes of gold worth US$185
million.
As the Reserve Bank of Zimbabwe releases more ZiG currency
into circulation, it is the expectation of vendors that the big chunked will be
in small denominations for easy transacting. zbc
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