THE Reserve Bank of Zimbabwe (RBZ) will soon introduce a new set of higher denomination banknotes to increase physical money supply, curb cash shortages and improve transacting convenience.

Authorities have approved the introduction, into circulation, of new $50, $100 and $200 banknotes this year.

Our Harare Bureau has gathered that the $50 note will be introduced first, while plans to introduce the other notes are still in the works.

Designs of the new $50 dollar note are awaiting the President’s approval before printing can commence.
Zimbabwe has $2, $5, $10 and $20 notes in circulation.

Transacting using these notes has become cumbersome, with huge wads of cash now required to complete small transactions due to inflation.

Cash shortages have triggered queues at banks and an illegal market where premiums are charged to convert electronic money into cash.

The shortages have also created a multi-tier pricing system where prices of a single product differ depending on the customer’s mode of payment.

Introduction of the new notes is expected to enhance convenience to the transacting public and eliminate the illegal cash market.

-State Media