Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has announced plans to introduce a new series of higher-quality ZiG banknotes in denominations of ZiG10, ZiG20, ZiG50, ZiG100, and ZiG200.
He said the rollout of the higher denominations will be done gradually, based on market demand. Said Mushayavanhu:
The process of procuring and producing banknotes, however, can be lengthy and the Reserve Bank will keep the public updated on the progress.
In addition to issuing the enhanced quality banknotes, the Reserve Bank announced measures to support the increased use of ZiG, particularly in the informal sector.
These measures include the planned enforcement of point-of-sale (POS) machines for all businesses in the economy.
Moreover, actions being taken by Government to increase the demand for the local currency through tax requirements in local currency, such as the quarterly payment dates (QPDs), will also continue to entrench the demand and confidence in the local currency.
The requirement for quarter provisional income tax payments (QPD) on a 50-50 basis for taxpayers that earn 50 percent or more income in local currency has effectively increased the demand for ZiG in the economy.
The increased demand for ZiG has in turn contributed to the prevailing exchange rate stability, which is critical for anchoring inflation expectations.
Currently, ZiG10 and ZiG20 banknotes are in circulation, but they are in short supply due to their fragility. Most of the notes in use are already dirty and worn out.
Useless money.
Using real money to pay to make fake ones.