No Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports
The Reserve Bank of Zimbabwe (RBZ) has denied media reports that it is working on introducing a $100 and $200 banknote. The central bank through its governor John Panonetsa Mangudya, however, conceded that it is working on introducing a $50 banknote.
In a statement on Tuesday, RBZ governor John Mangudya said,
FOR THE RECORD
The Reserve Bank of Zimbabwe (the Bank) is working on the introduction of a Z$50 banknote into the market for the convenience of the public.
For the time being, the Bank has no plans of introducing Z$100 and Z$200 banknotes as suggested in some sections of the media.
The denial of the impending release of the new banknotes by the central bank comes just days after state-owned media reported that the central bank was going to release higher denomination banknotes and increase the physical money supply. According to the reports, this was being done to curb cash shortages and improve transacting convenience.
Economist Eddie Cross, who is a member of the RBZ Monetary Policy Committee was quoted as saying that they were waiting on President Emmerson Mnangagwa to approve the design of the new notes. Cross is quoted by national broadcaster ZBC as saying,
“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.
“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.”
The news of the impending release of the new banknotes was not welcomed by many. Some economists warned that the release of a $100 and $200 banknote would result in inflation.
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