The Reserve Bank of Zimbabwe will soon introduce a $50 note as it seeks to double cash in circulation to ZWL$3 Billion, a member of the Monetary Policy Committee, Eddie Cross has said.
This was revealed by business journalist, Happiness Zengeni while posting on Twitter.
Zim set to introduce a $50 note as it seeks to double cash in circulation to $3 bln, says Eddie Cross,” posted Zengeni.
The smaller Zimbabwe dollar denominations including 5c, 10c, 20c, 50c, $1 and $2 have been rejected by the market and have since disappeared leaving only $5, $10 and $20 notes.
The move to introduce higher denominations has previously been discouraged on the grounds that it was believed to cause inflation to resurface, so it remains to be seen how the market will receive this new $50 note when it hits the market.