{"id":84065,"date":"2023-10-03T10:47:27","date_gmt":"2023-10-03T08:47:27","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes"},"modified":"2023-10-03T14:00:44","modified_gmt":"2023-10-03T12:00:44","slug":"informal-traders-kombis-reject-zwl50-banknotes","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes","title":{"rendered":"Informal Traders, Kombis Reject ZWL$50 Banknotes"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Informal traders and public transport operators are rejecting the ZWL$50 note, as the Zimbabwe dollar continues to depreciate against the United States dollar, reported NewsDay.<\/p>\n

Over the past few years, inflation has driven the ZWL$2, ZWL$5 ZWL$10, and ZWL$20 notes out of circulation.<\/p>\n

The smaller denominations have now been joined by the ZWL$50 note in the dustbin as informal traders and transport operators find it burdensome to move around with huge bundles of \u201cworthless\u201d banknotes.<\/p>\n

National Consumers Rights Association president Effie Ncube told NewsDay that the rejection of the ZWL$50notes was a sign of a lack of confidence in the local currency. Said Ncube:<\/p>\n

The first thing is that this is a response from the market showing a lack of confidence in the Zimbabwe dollar and on the economic policies of the government.<\/p>\n

The ramifications of that would be the continuous decline of the value of the Zimbabwean dollar versus major currencies.<\/p>\n

That will drive up the prices of goods that are denominated in Zimbabwe dollars.<\/p>\n

So, in other words, it will drive up and put inflationary pressures on the Zimbabwe dollar-denominated prices.<\/p>\n

Economist Prosper Chitambara said the rejection of the ZWL$50 note might push the government to release higher denomination notes.<\/p>\n

He said higher denomination notes will inadvertently increase the money supply. Said Chitambara:<\/p>\n

Given the challenges we have had, with high inflation I think it\u2019s understandable that most economic agencies would reject the ZWL$50 note because it has obviously been decimated by inflation and it cannot purchase much.<\/p>\n

So, it then calls on the monetary authorities to come up with higher denominations.<\/p>\n

I am sure they would be wary to do that because that would also increase money supply depending on how it is done which can then trigger inflation.<\/p>\n

But, given the challenges as I have said with high inflation, there is a need to provide some bit of convenience, in economic urgency, to the transacting public by coming up with notes that are in line with the inflationary developments.<\/p>\n

Meanwhile, in Chitungwiza, citizens who were in possession of the ZWL$50 banknotes were \u201cdumping\u201d them at large retail outlets such as OK and Pick n Pay at Makoni Shopping Centre where they were still being accepted.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Informal traders and public transport operators are rejecting the ZWL$50 note, as the Zimbabwe dollar continues to depreciate against the United States dollar, reported NewsDay. Over the past few years, inflation has driven the ZWL$2, ZWL$5 ZWL$10, and ZWL$20 notes out of circulation. The smaller denominations have now been joined by the […]<\/p>\n","protected":false},"author":84,"featured_media":84063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[5448,15345,1493,2189,19],"class_list":{"0":"post-84065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-50-banknote","10":"tag-50-banknotes","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"\nInformal Traders, Kombis Reject ZWL$50 Banknotes - zimbabwe<\/title>\n<meta name=\"description\" content=\"Informal traders and public transport operators are rejecting the ZWL$50 note, as the Zimbabwe dollar continues to depre ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Informal Traders, Kombis Reject ZWL$50 Banknotes\" \/>\n<meta property=\"og:description\" content=\"Informal traders and public transport operators are rejecting the ZWL$50 note, as the Zimbabwe dollar continues to depre ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-03T08:47:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-03T12:00:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/10\/sm_1696318025.088409.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"664\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/informal-traders-kombis-reject-zwl50-banknotes\",\"name\":\"Informal Traders, Kombis Reject ZWL$50 Banknotes - 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