us dollars 31-10-10.jpgThe public is being called upon to make transactions with the formal banking system to avoid fake US notes in circulation.
 
The fake US currency notes circulating in the economy have prompted calls from stakeholders for monetary authorities and government to come up with a system aimed at ensuring smooth transactions in the economy.

 

Reserve Bank of Zimbabwe Governor, Dr Gideon Gono, admitted that there are fake US notes in circulation and has called upon the public to use plastic money as well as ensure that their funds are deposited in the formal channels such as banks.

 

“We are really aware that there are fake notes in circulation but we want that to come to an end very soon,” said Dr Gono.

 

It is being anticipated that the use of plastic money in the economy will solve the challenges of fake notes as official statistics show that since the introduction of the Real Time Gross Settlement Scheme (RTGS) in January this year, business valued at US$14,5 billion had been transacted through the process.

 

During the same period US$200 million was transacted through the cheque system and another US$200 million through internet banking.

 

Local banks are however currently holding $2 billion in deposits.