RBZ To Introduce New Zimbabwe Dollar Notes & Coins In 2 Weeks

Last updated on September 11th, 2021 at 03:18 pm

The governor of the Reserve Bank of Zimbabwe, Dr JohnPanonetsa Manguta announced this Tuesday that the central bank will introduce some notes and coins in the Zimbabwe dollar currency in the next two weeks.

The move which is said to be meant to address the cash shortage can be viewed in the lenses of a government moving towards restoring the domestic currency which was reintroduced by Statutory Instrument 142 of 2019 which also banned the use of all foreign currencies for domestic transactions.

Mangudya added that the new money will consist of 5 dollar notes and 2 dollar coins and shall be introduced gradually to avoid driving up inflation.

The new currency notes and coins will circulate alongside the bond notes and coins introduced in 2016 as a surrogate for U.S. dollars.

Ironically, the government only recently dismissed remarks by economist, Eddie Cross who had indicated that the new currency notes and coins will be introduced in November.