The Reserve Bank of Zimbabwe issued a $50 dollar banknote on Tuesday in addition to the $2, $5, $10, and $20 banknotes that are already in circulation.
In a statement, RBZ governor John Mangudya said the higher denomination has been issued through Statutory Instrument 196 of 2021.
Mangudya added that the $50 banknote will come into circulation tomorrow, 7 July, with $360 million to be issued through the normal banking channels. He said:
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 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.
In January this year then RBZ Monetary Policy Committee member, Eddie Cross, said the central bank would “soon” introduce a new set of higher denomination banknotes to increase the physical money supply and end cash shortages
Cross said that new $50, $100 and $200 banknotes will be introduced this year.
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We are being led by not only incompetent but inept, overzealous and selfish men. What is the reason of issuing the worthless note that can’t even buy two bananas?
We are now doing exactly what Gidion Gono did. We are trying an error
It cannot even buy a loaf of bread….!