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Mangudya told a parliament committee that individuals would be
allowed to withdraw up to $1,000 a day from their foreign
currency accounts without restrictions but that companies would
need to talk to their banks if they needed cash dollars.
Zimbabwe made the RTGS dollar, an interim currency introduced in
February, its sole legal tender last Monday, ending a decade of
dollarization and taking another step toward relaunching the
Zimbabwean dollar.
Finance Minister Mthuli Ncube had earlier told the same
committee that individuals will be allowed to withdraw U.S.
dollars in cash from their foreign currency accounts.
He defended the surprise manner of the announcement and promised
that Zimbabwe would not fall into rampant money-printing of the
kind that that caused hyperinflation in 2008.
To that end, Zimbabwe will initially print 400 million Zimbabwe
dollars, to be gradually introduced into circulation to plug the
gap left by the end of dollarization, Mangudya said.
The southern African nation, which was hit by a drought that cut
crop harvests, is in the grip of foreign currency and fuel
shortages and daily electricity cuts lasting up to 15 hours.
(Reporting by MacDonald Dzirutwe; Writing by Nqobile Dludla;
Editing by Catherine Evans)
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