The Reserve Bank of Zimbabwe has introduced a new $50 note which goes into circulation tomorrow, Governor John Mangudya has announced.
In a statement, Governor Mangudya said the RBZ will release $360 million through normal banking channels while banks are expected to fund respective accounts at the central bank to collect the cash on July 7, 2021.
According to Statutory Instrument 196 of 2021 released by the Ministry of Finance and Economic Development, the design of the new note includes the RBZ logo, three balancing rocks, on the front.
The note will also have the visually impaired recognition feature to the left, latent image showing the denomination and windowed security strip inscribed “50” with colour shift from red to green.
The secondary features also include a watermark inscription “RBZ” and a see through of the Zimbabwe Bird looking to the left in perfect register.
“On the back side there shall be an impression of the Tomb of the Unknown Soldier and the motif of Mbuya Nehanda, gold coloured iridescent band showing the denomination of the note and see-through of the Zimbabwe Bird looking to the right.”
The RBZ introduced new $2 and $5 notes in December 2019 after the Zimbabwe dollar was scrapped in 2009 due to hyperinflation when prices were doubling almost on a daily bases.
The Central Bank subsequently introduced the $10 and $20 notes to boost money supply on the market.