Zim introduces higher denomination banknotes as inflation bites harder

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The Reserve Bank of Zimbabwe has introduced new $10 and $20 banknotes that will start circulating on Tuesday and the first week of June respectively.

In a statement this afternoon, RBZ says features of the banknotes will be publicised prior to their circulation.

“The Reserve Bank of Zimbabwe wishes to advise the public that the $10 and $20 bank notes issued on May 14 2020 through Statutory Instrument 103A of 2020, will come into circulation as follows, the $10-dollar bank note will commence circulating on Tuesday 19 May, 2020 and the $20 bank note will be in circulation by the first week of June 2020,” said RBZ Governor Dr John Mangudya.

Meanwhile, the higher denominations came at the time Zimbabwe’s inflation have risen to more than 900% according to world renowned economist, Prof Steve Hanke.

Commenting on the announcement, the John Hopkins University Professor said the country should return to full dollarisation in order to beat the inflation.

“Zimbabwe has just received 60 tonnes “in freshly-printed higher denomination bond notes.

“The Z$ should be in the trash heap. By my accurate measure, Zimbabwe’s annual inflation rate is 934%/yr.

“Zimbabwe must return to full dollarization to crush inflation & ensure growth,” he said.

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One Response to Zim introduces higher denomination banknotes as inflation bites harder

  1. We’ve been here before. Are we going there again?

    Deja vu
    May 17, 2020 at 6:32 pm
    Reply

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