Following the recent introduction of the ZW$50 note by the Reserve Bank of Zimbabwe (RBZ) into the basket of local currency notes consisting of the 2, 5, 10, 20 dollar bills some businesses are now rejecting ZW$10 note.
This latest rejection follows the discarding of the ZW$2 and ZW$5 notes earlier on, as the businesses deemed them worthless.
However, the RBZ has warned against the practice, clarifying that no policy directive was issued to phase out notes issued since 2016.
“The Reserve Bank of Zimbabwe wishes to inform the general public that all notes issued since 2016 remain legal tender.
“Everyone with information that someone or a business entity is rejecting the 10-dollar notes should report them to our financial intelligence unit,” said the RBZ in a statement.
Meanwhile, Zimbabweans have had been toying with the tendency of rejecting lower denominations of bank notes whenever there is an introduction of a higher denomination.
Zimbabwe’s currency has over the years been losing value, to the extent that some end up viewing smaller denominations as useless.
Recently, former ZANU-PF Member of Parliament for Chivi South, Killer Zivhu urged the RBZ governor John Mangudya to throw away the local currency and adopt the South African Rand instead.
He described the Zimbabwean dollar as ‘useless paper.’
-Zwnews
