The Reserve Bank of Zimbabwe (RBZ) will soon introduce a new set of higher denomination banknotes to increase physical money supply and end cash shortages, an official has said.
New $50, $100 and $200 banknotes will be introduced this year to complement the $2, $5, $10 and $20 notes already in circulation.
A member of the RBZ Monetary Policy Committee, Eddie Cross, said the $50 will be introduced soon. Said Cross:
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.
But I understand that the $50 note will be available early in the New Year.
Cross added that the new notes will be drip-fed into circulation throughout the year.
The RBZ is also reportedly planning to decommission small denomination coins, whose value has been wiped by inflation with most retailers now refusing to accept them.