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.
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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.