Zimbabwe to introduce higher denomination notes

The Reserve Bank of Zimbabwe is expected to introduce higher denomination notes, which will see the amount of physical cash in circulation double to $3 billion.

A member of the RBZ’s MPC Eddie Cross said the new notes would soon hit the market after a lengthy deliberation by the authorities.

This was after the realisation that there are more US dollars in the economy than local currency. Cross also said the country has a physical surplus of Rands which are sold monthly back to the South African Reserve Bank.

More to follow….

Source – FinGaz