Reserve Bank of Zimbabwe announces new banknotes

15 Mai 2020

Harare, Zimbabwe, May 15 (Infosplusgabon) - New banknotes of Zimbabwe dollar in denominations of ZWL10 and ZWL20 (equivalent to 40 and 80 US cents) will start circulating in the southern Africa country on May 19 and the first week of June 2020 respectively, the Reserve Bank of Zimbabwe announced on Friday.

Knowledgeable sources  said that the notes were printed at the Leipzig division of German firm Giesecke & Devrient, which provides banknote and securities printing, smart cards, and cash handling systems.

“The $10 banknote will commence circulating on  19 May 2020; and the $20 banknote will be in circulation by the first week of June 2020,” said RBZ governor John Mangudya in a statement on Friday.

The central bank also increased bank withdrawal limits to ZWL$1,000 (US$40) per person, per week, up from ZWL300 (US$12) with effect on May 19.

“Banks have been directed to ensure that the withdrawal limits are strictly observed. The Bank will not tolerate any abuse of currency and will decisively deal with any such abuse in terms of the law,” Mangudya said.

In the February 2020 Monetary Policy Statement, the RBZ advised the gradual injecting of additional notes and coins into the economy to lessen the inconvenience caused by the shortages of physical cash to the transacting public.

As at the end of last year, there was ZWL1.1 billion (US$44 million) in circulation representing 3.2 percent of total banking sector deposits of ZWL34.5 billion (US$1.38 billion).

The need for the new notes comes as the existing ZWL2 and ZWL5 notes representing 8 and 20 US cents respectively, are making it increasingly difficult to transact due to the continued devaluation of the local currency.

FIN/ INFOSPLUSGABON/GVB/GABON2020

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