Africa, Zimbabwe

The Reserve Bank of Zimbabwe (RBZ) is set to soon introduce a new set of higher denomination banknotes.

The introduction of the new $50, $100, and $200 banknotes this year is set to increase the physical money supply, curb cash shortages, and improve transacting convenience.

Speaking during an interview with The Sunday Mail, a member of the RBZ Monetary Policy Committee, Eddie Cross said that the $50 note will be introduced first, while the other higher denomination notes will be introduced later.

“The only new note which is due to come in shortly is the $50 note and I’m not certain when that is going to be available but it is in the process of preparation.”

“There are already plans to introduce some higher denomination notes this year.”

“Some time ago we made a decision in the MPC to introduce new $200, $100 and $50 notes,” he said

Eddie Cross revealed that the designs of the new $50 note was already done and is currently awaiting the President’s approval before it can be printed.

“I understand that this is being dealt with by the governor working with the President because the President has to approve the designs and everything else. But I understand that the $50 note will be available early in the new year,” he added.

The new $50, $100, and $200 banknotes which are set to be introduced this year will complement the $2, $5, $10, and $20 banknotes that are already in circulation.

Meanwhile, RBZ is also planning on removing soiled notes from circulation and decommissioning small denomination coins, whose value has been wiped by inflation.

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Author: FACE OF MALAWI