THE Reserve Bank of Zimbabwe (RBZ) has effective Wednesday introduced a new $50 note bearing the motif of legendary 19th Century spirit medium Mbuya Nehanda.
The bank note was issued through Statutory Instrument 196 of 2021Tuesday.
In a statement Tuesday afternoon, RBZ Governor John Mangudya said $360 million worth of the denomination will be in circulation at its inception.
“The Reserve Bank of Zimbabwe wishes to advise the public that the ZW$50 bank note issued through Statutory Instrument 196 of 2021 will be introduced into circulation on 7 July 2021. The bank shall release ZW$360 million through the normal banking channels and banks are expected to fund their respective accounts held at the Reserve Bank and collect the cash from 7 July 2021,” Mangudya said.
Early this year, the central bank tabled plans to introduce higher denominations of $50, $100 and $200 banknotes in a bid to ease transactions for the banking public.
Finance minister Mthuli Ncube indicated in the Statutory Instrument 196 of 2021 that the new note will a picture of Mbuya Nehanda’s motif.
He SI said on the front side the dominant feature shall be the logo of the RBZ, three balancing rocks, with the visually impaired recognition feature to the left, latent image showing the denomination, windowed security strip inscribed “50” with colour a shift from red to green.
The note will carry a watermark with highlighted inscription “RBZ” and see-through of Zimbabwe Bird looking to the left in perfect register, as secondary features;
“On the back side there shall be an impression of the Tomb of the Unknown Soldier and the motif of Mbuya Nehanda, gold coloured iridescent band showing the denomination of the note and see-through of Zimbabwe Bird looking to the right,” Ncube said in the SI.
The RBZ believes the new notes will not trigger any inflationary pressures as they are being incepted against water tight regulatory safety nets.