Since 2020 the RBZ has always hinted to the introduction of $50 and $100 notes. Eddie Cross, a member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC) has said Zimbabwe is set to introduce new notes because of the inflation and increase in prices of basic goods.
Our Harare Bureau has gathered that the $50 note will be introduced first, while plans to introduce the other notes are still in the works. Designs of the new $50 dollar note are awaiting the President’s approval before printing can commence. Zimbabwe has $2, $5, $10 and $20 notes in circulation
Zimbabwe’s currency has been stable for the past months and the question is what will happen if the new notes are released. As was when the $10 and the $20 note were released, most people predict the rate will rise. More so this would impact of the whole product chain and lead to the increase in prices of basic goods
Outcry from the public seems to be against the decision. Most citizens dislike the introduction of new and larger notes as they drive the USD rate higher. Most workers in the country earn in the local currency and then buy the US dollar cash in order to buy most commodities. However, an increase to the rate to which they buy that US dollar will stiffen the economic hardships they are currently experiencing.