THE Reserve Bank of Zimbabwe (RBZ) is expected to introduce a new set of higher denomination banknotes worth $600 million to increase the physical money supply and curb severe cash shortages in the country.
Eddie Cross, a member of the RBZ Monetary Policy Committee (MPC), confirmed this saying authorities had approved the introduction of $10 and $20 banknotes.
He said designs for the new denominations have already been approved, while printing was underway.
“The plans are advanced and higher denomination notes will be made available to the public sometime later this month,” said Cross.
“The Reserve Bank will make the announcement. They (the notes) are being printed and the appropriate date will be announced soon.
Since September about $500 million worth of notes have been in circulation, the country has about $1,4 billion notes. This will take it up to $2 billion.
