The Reserve Bank of Zimbabwe is reportedly planning to release new $50,$100 and $500 dollar notes this year. A creeping inflation is forcing people to carry loads of cash to complete small transactions which, consequently, is breeding cash shortages. To avert this, the central bank has decided to introduce higher denominated Zimbabwe dollar notes.
Monetary Policy Committee member, Eddie Cross confirmed that the new notes will be released in a phased manner, with the $50 note being the first to be unveiled in the coming weeks.
The only new note which is due to come in shortly is the $50 note and I’m not certain when that is going to be available but it is in the process of preparation.
There are already plans to introduce some higher denomination notes this year.
Some time ago we made a decision in the MPC to introduce new $200, $100 and $$50 dollar notes. I understand that this is being dealt with by the Governor working with the President because the President has to approve the designs and everything else.
But I understand that the $50 note will be available early in the New Year.
Last year, RBZ released $10 and $20 notes to address widespread cash shortages. However, as soon as the notes were introduced retailers started to reject lower denominated amounts, coins and $5 notes. It remains to be seen if such a response from retailers will happen again when the $50,$100 and $200 notes are unveiled.