RBZ launches $50 Note

by | Jul 6, 2021 | Business | 0 comments

Nevanji Munyaradzi Chiondegwa

The Reserve Bank of Zimbabwe (RBZ) has introduced a new $50 dollar note, which goes into circulation tomorrow.

The new $50 note with Mbuya Nehanda motif was announced by the RBZ Governor Dr John Panonetsa Mangudya through a press statement Tuesday afternoon.

“The RBZ (the Bank) wishes to advise the public that the ZW$50 banknote issued on July 6, 2021, through Statutory Instrument (S.I.) 196 of 2021 will be introduced into circulation on July 7, 2021.
The Bank shall release ZW$360 million through normal banking channels and banks are expected to fund their respective accounts held at the RBZ and collect the cash from July 7, 2021,” the statement read.

According to S.I. 196 of 2021, the note will have the following features:
“On the front side the dominant feature shall be the logo of the RBZ (three balancing rocks), with the visually impaired recognition to the left, latent image showing the denomination, windowed security strip inscribed ‘50’ with the colour shift from red to green, watermark with highlighted inscription ‘RBZ’ and see-through of the Zimbabwe bird looking to the left in perfect register, as secondary features.
“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 predominantly brown in colour note will not have much influence on pricing and inflation as the Apex Bank introduces the new note exchanging it with electronic balances held by banks.

In essence, if banks are transferring RTGS balances in exchange for cash equivalence, the market will react positively as there will be no increase in money supply.