RBZ has no plans to introduce ZW$100/ ZW$200 banknotes- Mangudya

The Reserve Bank of Zimbabwe -RBZ- governor John Mangudya says the central bank has no plans to introduce ZW$100 which is slightly over US$1 and ZW200 which is almost equivalent to US$2.

His disclosure comes at the time the local currency is on a freefall with prices of basic commodities going up, or pegged in line with the exchange rate of the day, which happens to be unstable.

And Mangudya said for the convenience of the transacting public, the central bank has seen it fit to introduce higher denomination banknotes.

He said RBZ is working on introducing a new ZW$50 note and emphasised that for the time being, the bank has no plan to introduce a ZW$100 note or higher.

Apparently, there has been reports that the ZW$100/ 200 were to be introduced soon, after an official had hinted that a decision was once made in that regard.

A member of the RBZ Monetary Policy Committee (MPC), Eddie Cross recently said plans to introduce some higher denomination notes this year were afoot.

He also said some time ago a decision was made in the MPC to introduce new $200, $100, but hinted that this was being dealt with by the Governor working with President Emmerson Mnangagwa as he has to approve the designs and everything else.

-Zwnews

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