We woke up to an article in the Herald today, where the RBZ governor was telling us not to fret over the rejection of coins in certain sectors of the economy. Apparently the informal sector and some retailers are not accepting some coins especially those under ZWL1. This is hardly surprising as the coins, individually buy just about nothing!
As usual, the governor had a solution; we should just take these to our banks! You go and queue to deposit these and then hope to be given higher denomination coins/notes. The point is we do not need any of these coins at all. If anything we need higher denomination notes. Implied annual inflation is just under 500% and our biggest note is $5. You need about 4 of those to buy a loaf of bread or a litre of diesel. So yes, you are right Doc Governor – we need not worry about those coins – we DON’T need them!