The Reserve Bank of Zimbabwe has confirmed that they are printing new higher denomination bank notes in China which will be in circulation soon.
This is meant to address the cash shortages that have been experienced by ordinary Zimbabweans over the past 10 years.
However, printing these higher denomination bank notes requires a lot of foreign currency.
This is despite earlier denials by the RBZ after Eddie Cross’s announcement last month that a new currency will be coming to Zimbabwe.
The new notes were confirmed last week when RBZ Deputy Director for Finance and Markets William Manimanzi was testifying before the Parliamentary budget and finance committee.
Zimbabwe inflation has been soaring over the past 2 years and is expected to hit the roof with the new bank notes as the currency is not backed by any real economic activity.