The Reserve Bank of Zimbabwe (RBZ) has issued a new $50 banknote whose circulation begins and is expected to ease cash shortages and enhance convenience by the transacting public.
The new red-brownish note has impressions of the “tomb of the unknown soldier”, the traditional balancing rocks and the motif of first Chimurenga/Umvukela heroine, Mbuya Nehanda, among other key features. Its circulation will complement the $20, $10, $5 and $2 notes that are already in use.
Business leaders have welcomed the introduction of the new banknote citing the need for consumer convenience when transacting in cash as well as taming charges associated with multiple withdrawals of small denominations, especially at Automated Teller Machines.
They, however, stressed the need for monetary authorities to consolidate value preservation of the local currency so as to keep inflationary pressures under check.