Zimbabwe: RBZ Introduces New ZWL$ 50 Notes

The Reserve Bank of Zimbabwe (RBZ) has issued a new ZWL$ 50 note that will be introduced into circulation tomorrow and is expected to increase physical money supply, curb cash shortages and improve transacting convenience.

Authorities earlier this year approved the introduction of new $50, $100 and $200 banknotes through a drip-feed system in order to manage inflation.

The notes carry the face of first Chimurenga icon mbuya Nehanda with some golden coloured iridescent band on it.

“The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on 7 July 2021,” the Central Bank said.

New Fifty dollar note

“The Bank shall release ZW$360 million through the normal banking channels and banks are expected to fund their respective accounts held at the Reserve Bank and collect the cash from 7 July 2021,” it added.

The latest addition of notes are expected to mitigate the cash shortages.

Cash shortages have triggered queues at most banks and have also propelled the parallel market where premiums are charged to convert electronic money into cash.


Source link : https://allafrica.com/stories/202107070561.html

Author : 263Chat

Publish date : 2021-07-07 11:57:51

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