The Reserve Bank of Zimbabwe (RBZ) said all banknotes that were issued since 2016 are still legal tender.
The statement is issued when some retailers have started rejecting $10 banknotes following the issuance of the $50 banknote.
- ‘New $50 Banknote Won’t Stoke Inflation’
- Zimbabwe’s Central Bank Issues $50 Banknote
- ‘Cash-starved’ Retailers Welcome $50 Banknote
- “Worthless” ZW$50 Note Evokes Memories Of The 2008 Era
Zimbabwe basket of local currency notes consists of the 2, 5, 10, 20 and 50-dollar bills. The $2 and $5 banknotes disappeared a long time ago as the market rejected them for bigger denominations. The central bank said in a statement:
The Bank would like to advise the public that all banknotes issued by RBZ since 2016 are legal tender in Zimbabwe. Traders who reject such notes should be reported to the Financial Intelligence Unit on hotline numbers 0714039897 or 0780434475.
Smaller denominations were ditched mainly because inflation was soaring.
Some fear that the recent hike in civil servants’ salaries will trigger a price hike that will render other denominations useless.
However, economic experts allay the fears saying there is not going to be an increase in money supply to support price increase.
More: Pindula News
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The RBZ is trying to reinvent the wheel. I the 2008 they printed high demonination bills ( 100 trillion dollar note, and it was useless) now they trying so hard not to print large denominion note. What these clows dont understand is that inflation and economics knows no respect of note denomination. All the notes combined ($2+$5+$10+$20+$50=$87.00) are worth less than US$0.60. Toti vakuru makoniwa edzai zvimwe voti takarwa hondo. Hazvishande.
a bitter soul
Termites have progressive common sense than RBZ..