RBZ confirms introduction of $50 banknote but denies $100 & $200

   
1 comment

Over the weekend Eddie Cross a member of the Monetary Policy Committee said that the RBZ was set to introduce $50, $100 and $200 banknotes. The first note the ($50 banknote) was one that he said was the closest and would come in the early phases of this year.

“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 dollar notes. 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.

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But I understand that the $50 note will be available early in the New Year.”

Eddie Cross via Sunday News

Well, it seems like there either has been a change of plans or there was information that was made public before it should, because the RBZ tweeted the following:

PRESS STATEMENT


FOR THE RECORD


The Reserve Bank of Zimbabwe (RBZ) (the Bank) is
working on the introduction of a Z$50
banknote into the market for the convenience
of the public.
For the time being, the Bank has no plans of
introducing Z$100 and Z$200 banknotes as
suggested in some sections of the media.

Reserve Bank of Zimbabwe

Well, whatever the case may be the current notes are becoming less and less viable because of the escalating cost of goods and services. If they aren’t any plans to bring in the $100 and $200 now (and with the way things are going) there will soon be a need for them.


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Comments 1

Anonymous
a week ago

Well over due! This is not going to stop inflation and the poor from suffering. It will only stop when the USD is officially brought back and new economic measures are put in place and adhered to. There will always be corruption but these measures will ease the tough life most live in.

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