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Zimbabwe’s central bank introduces new banknote

Zimbabwe's central bank has introduced a new ZW$50 (about US$0.59) banknote that will be in circulation starting on Wednesday, bank…

Zimbabwe’s central bank has introduced a new ZW$50 (about US$0.59) banknote that will be in circulation starting on Wednesday, bank governor John Mangudya announced on Tuesday.Mangudya said the new banknote was issued on Tuesday through Statutory Instrument 196 of 2021 and would be introduced into circulation on July 7. 

“The Bank shall release ZW$360 million through the normal banking channels and banks are expected to fund their respective accounts held at the Reserve Bank and collect the cash from 7 July,” Mangudya said in a statement.

The new banknote comes as prices of basic commodities continue to rise in Zimbabwe, with official figures showing that the country’s month-on-month inflation accelerated to 3.88 percent in June compared to 2.54 percent in May.

A thriving foreign currency black market where the exchange rate is as high as ZW$150 to a US dollar is fuelling the increase in prices of basic commodities. The official exchange rate is ZW$85.4 to one US dollar.

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