Government to Introduce $50 Notes

23/01/2020Last Updated: 23/01/2020

87 1 minute read

The government has revealed that it is set to introduce $50 dollars notes in a few months to follow in a bid to curve for the cash shortages.

This development was revealed by Mthuli Ncube in an interview with Bloomberg Tv on the sidelines of the World Economic Forum underway in Dovos ,Swteland.

Zimbabwean small retailers have started rejecting coins introducing higher denomination notes might even lead to the rejection of all coins in the market

Prof Ncube said Government was carefully injecting cash into the economy so as not to trigger inflation.

“First of all, we are doing two things, we are injecting cash into the economy, drip-feeding the economy. But we want to do it in a non-inflationary way where we are changing electronic currency for physical cash,” said Prof Ncube.

“Second thing, we are introducing higher denomination notes $10, $20 and $50 during the course of 2020. That is what we would be doing; introducing higher denominations notes to make sure that it’s easy for citizens to transact. That is going to happen in the next few months.”

He said Government has made several strides to stabilise the local currency with month on month inflation figures steadily dropping.