ATMs to dis­pense US dol­lars, bond notes

Chronicle (Zimbabwe) - - Business Chronicle - Harare Bureau

LO­CAL banks are con­fig­ur­ing their au­to­mated teller ma­chines to dis­pense both the US dol­lar and the bond notes, Re­serve Bank of Zim­babwe Gover­nor Dr John Man­gudya said.

Al­ter­na­tively, the banks may have sep­a­rate ATM ma­chines, dis­pens­ing the US dol­lar and the bond notes ex­pected to be in­tro­duced in the next few days.

Dr Man­gudya is on record that no one will be forced to ac­cept the bond notes and such an ar­range­ment would give the bank­ing pub­lic an op­tion ei­ther to with­draw their money in US dol­lars or bond notes.

“When I met am­bas­sadors they said the best way — as done else­where — is to have two ATMs, one for bond notes and an­other one for US dol­lars,” he said in an in­ter­view on the side­lines of the CZI 2016 man­u­fac­tur­ing sec­tor sur­vey re­port launch on Wed­nes­day.

“It is a very good idea. Peo­ple are ra­tio­nal, if there is no queue on one ATM, then they can go to the other and get their money.

“We have asked banks to look at it. We want to main­tain the multi-cur­rency sys­tem,” said Dr Man­gudya.

He said banks were forth­com­ing in im­ple­ment­ing the plan, which is also ex­pected to bring con­ve­nience to the bank­ing pub­lic.

“The banks are happy, some are al­ready do­ing that, for in­stance at Bar­clays they can give you rands or US dol­lar but peo­ple do not want rands, yet they are in the sys­tem,” said Dr Man­gudya.

Mean­while, the RBZ will un­veil spec­i­men for the bond notes just be­fore their re­lease to min­imise the risk of coun­ter­feits notes.

“You do not put in the pa­per to­day then re­lease them at the end of the month. If you do that then you give room for coun­ter­feits.

“We do not want peo­ple to be duped. This is the stan­dard for any note which is given out through­out the world so that you min­imise coun­ter­feits,” said Dr Man­gudya.

The bond notes are be­ing in­tro­duced into the econ­omy as an in­cen­tive for ex­porters. It is also en­vis­aged they will help ease the bit­ing cash short­ages that have been pre­vail­ing in the coun­try since early this year.

Dr John Man­gudya

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