NOTES REJECTION: RBZ CHIEF SPEAKS

‘ . . . you need to respect your customers’

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has voiced concern over unscrupulous traders who are reportedly rejecting small local currency denominations.

This comes as $10 and $5 notes were being rejected at various trading places across the country.

In an interview, he said:

“It’s quite unfortunate that some unscrupulous traders do not respect their customers.

“It might also mean that such traders do not have bank accounts where they are able to deposit their money.

“If they had bank accounts then they would not refuse sales unless if they have other ulterior motives.”

The RBZ vowed to work hand in glove with the Zimbabwe Republic Police (ZRP) to bring these mischievous traders to book.

“Sure we are working closely with our Zimbabwe Republic Police to stop such practices. The traders are not being sincere to their clients and to the nation as well.

“How come larger retail traders like OK, TM and Spar accept all notes and their volume is much higher than of these informal traders and vendors?” said Dr

Mangudya.

However, citizens also expressed their disgruntlement over the same issue.

“I am worried about this because going to bank we are given ten and twenty dollars notes since the newly introduced fifty dollars is scarce.

“I am no longer able to purchase small items like tomatoes, onion and other small items to these vendors using these ten dollars.

“It’s now forcing us to purchase small items in supermarkets where these notes are taken, but due to prevailing economic situation it’s not everyone who can afford to buy such items in supermarket every day since it is expensive as compared to the prices in the streets,” said Albert Sanyamwera.

The rejection comes after, the RBZ introduced new fifty dollar notes.