The central bank had forecast inflation to slow to 55 per cent in July. Last year Zimbabwe's inflation rate soared to more than 800 per cent, but it has begun easing with the June year-on-year rate officially at 106.64 per cent, according to the National Statistical Agency. Now the new denomination is stoking fears of a return of the kind of hyperinflation that wiped out savings and collapsed the economy, with head-spinning daily leaps in the prices of goods and services. US dollars had been used since 2009, when the country trashed its own worthless units after hyperinflation reached 500 billion per cent.
#ZIMBABWE BANK NOTE SERIES#
The new note is the latest and most valuable in a series introduced from February 2019 as Zimbabwe moved back to using local currency.
"It tells you something about inflation in your country if you need 3 notes of your highest currency denomination to buy a premium beer in a supermarket," tweeted Mr Chin'ono. Insufficient to pay even for a loaf of bread, the bill's entry into circulation has revived memories of hyperinflation seen more than a decade ago in the southern African nation.Īs price growth spiralled out of control, denominations at the time mounted as high as a 100-trillion-dollar note.Īward-winning journalist and government critic Hopewell Chin'ono scoffed at the new banknote, which at the unofficial black market exchange rate will be worth just $0.35 in US dollars. The back has a gold iridescent band showing the denomination of the note and see-through window of the Zimbabwe bird looking right.HARARE - Zimbabwe's central bank on Tuesday (July 6) announced the introduction of a new 50-dollar note, the country's highest denomination, worth only around $0.60 in US currency (80 Singapore cents). The watermark has the highlighted inscription RBZ and a see-through window of the Zimbabwe bird facing left. Security devices include one for visually impaired recognition, a latent image showing the denomination, a windowed security strip inscribed RBZ with a red to green color shift. The baobab tree is called the “tree of life” in Africa because of its ability to store large amounts of water during the dry season.
During this time, Zimbabwe’s bank note remained the same, save for the new governor’s signature and the capital city’s new name, which had changed in 1982. The monument is a UNESCO World Heritage Site that is the ruins of an African Iron Age city in the southeastern part of the country. Most sought after is the one hundred trillion Zimbabwe dollar bill, the highest denomination when the currency was abandoned nearly two years ago and the American dollar became legal tender. Moyana was appointed the first black governor of Zimbabwe’s central bank in 1983, serving until August 1993. The back shows the Great Zimbabwe national monument and a boabab tree. It will be brown in color and follow the standard face design on Zimbabwean currency of the Chiremba Balancing Rocks in Matopos National Park. The date of issue has not been specified. The new note will have the same 156 by 66 millimeters dimensions as the other Zimbabwean denominations. Individuals and businesses can only access cash based only on what they have in their bank accounts.” It’s not going to cause inflation because we are not printing any new money. International Bank Note Society a non-profit educational organization aiming to promote, stimulate, and advance the study and knowledge of worldwide.
John Mangudya tried to quell the fears by explaining, “Bank notes are essentially small change and hardly used any more for shopping where mobile and plastic money now dominate as Zimbabweans get out of the cash habit, but they are needed for things like bus fares and other small transactions. Inflationary fears are easily understood when it concerns to Zimbabwe, where the hyperinflation of 20 resulted in cost increases estimated at 79.6 billion percent per month and the now legendary 100 trillion (14 zeroes) dollar bank note. Currently, the $50 note is the highest denomination in use. The RBZ announced last week that Z10 and Z20 bond notes were being printed to. HARARE Zimbabwe on Thursday received 60,000kg (60 tonnes) in freshly-printed higher denomination bond notes, which the central bank says will go into circulation at the end of the month. cents, the denomination is the equivalent of a single urban bus fare. The plane that delivered Zimbabwes new bank notes and its flight history. The Herald newspaper says that at about 68.5 U.S. Zimbabwe is going to great pains to reassure the public that a new $100 note soon to be released will not be inflationary.
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