THE Reserve Bank of Zimbabwe is working on introducing only Z$50 banknote into the market to increase physical money supply, curb cash shortages and improve transacting convenience.
In a statement the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya said the Central Bank was working on introducing Z$50 banknotes into the market and not Z$100 and Z$200 banknotes.
“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,” said Dr Mangudya.
This comes after claims that the authorities had approved the introduction, into circulation, of new $50, $100 and $200 banknotes this year.
Designs of the new $50 dollar note are awaiting the President’s approval before printing can commence.
Zimbabwe currently has $2, $5, $10 and $20 notes in circulation.