HARARE: THE Reserve Bank of Zimbabwe (RBZ) will soon introduce a new set of higher denomination banknotes to increase physical money supply, curb cash shortages and improve transacting convenience.

Authorities have approved the introduction, into circulation, of new $50, $100 and $200 banknotes this year.

The Sunday Mail 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 note are awaiting the President’s approval before printing can commence.

Zimbabwe has $2, $5, $10 and $20 notes in circulation.

Transacting using these notes has become cumbersome, with huge wads of cash now required to complete small transactions due to inflation.

A member of the RBZ Monetary Policy Committee, Mr Eddie Cross, said the new notes will be introduced “shortly”.

“The only new note which is due to come in shortly is the $50 note and I’m not certain when that is going to be available but it is in the process of preparation,” he said.

“There are already plans to introduce some higher denomination notes this year.

“Some time ago we made a decision in the MPC to introduce new $200, $100 and $50 notes.

“I understand that this is being dealt with by the governor working with the President because the President has to approve the designs and everything else. But I understand that the $50 note will be available early in the new year.”

Mr Cross said the new notes will be drip-fed into circulation throughout the year.

state media