Photograph — Business Insider

The Reserve Bank of Zimbabwe will introduce new currency notes in November, a member of the bank’s Monetary Policy Committee, said on Thursday.

Eddie Cross, a renowned economist, made the revelation in an interview with public broadcaster Zimbabwe Broadcasting Corporation (ZBC). He said that the new currency would be to curb current cash shortages in the country.

The southern African nation, currently facing severe economic crisis, has been chronically short of paper cash. As a result, most transactions are done via electronic platforms such as the mobile-money system Ecocash.

Cross also commended President Emmerson Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs.

Read more on: Moneyweb

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