The Reserve Bank of Zimbabwe (RBZ) has announced the introduction of ZW$50 note which will soon be poured into the market for the convenience of the public.
In a Monetary Policy Statement issued yesterday the RBZ said the introduction of this ZWL$50 banknote aims at increasing the current banknotes that are in circulation.
“As previously advised, the Bank shall soon be introducing a ZW$50 banknote to augment the current stock of banknotes in circulation.”
The central bank has further reset cash withdrawal limits to ZW$2 000 from ZW$1 000 while the mobile limit for mobile banking remains at ZW$5 000 per transaction.
“Increasing the cash withdrawal limits to ZW$2 000 for individuals and maintaining the current limits on mobile banking transactions at ZW$5 000 per transaction and an aggregate limit of ZW$35 000 per week. This measure will enable the transacting public to continue conducting small transactions using cash, whilst large transactions are conducted through electronic banking.”
Meanwhile, ZW$5 notes are being rejected in the informal sectors and this is attributing to the increase in prices of goods and services.