Paul Nyathi|Banks in Harare today started issuing the new notes as promised by the Reserve Bank of Zimbabwe Governor, Dr. John Mangudya, yesterday.

A snap ZimEye.com survey in Harare Central business district revealed that banks were issuing few of the new notes and mostly coins to customers.

The withdrawal caps however, remain stuck at $ 50 at most banks in line with RBZ drip-feed strategy of the new cash to monitor new money effects in the market.

“I have just received the new cash in $2 coins. I’m however saddened that we came here with high hopes of securing all our money but they still restrict us to just $ 50. What tangible thing can I buy with $ 50?,” said Allan Kodzaimaoko to journalists, who had just come out of one banking hall.

The new notes are expected to go a long way in addressing cash challenges which has been affecting the banking public for quite sometime.

Reserve Bank of Zimbabwe Governor, Dr. John Mangudya, is on record saying the central bank will drip-feed the economy with new money as a way of addressing cash challenges and there is no likelihood of causing inflationary pressures.

Long queues were witnessed at all financial institutions as people sort to withdraw their money that has been stuck in banks for a long time.

Some unscrupulous economic agents had taken advantage of the situation by hoarding cash before selling it to desperate members of the public at exorbitant rates, as high as 50 percent, in a clear case of daylight robbery.

Additional reporting: zbc