Zimbabwe’s record breaking denominations get a boost

Reading time 2 min.

Zimbabweans today woke up to two sets of news.

from our correspondent in Harare

Firstly, the much awaited presidential run off would only take place in three months time.

Secondly that the Reserve Bank of Zimbabwe, grappling with record-breaking inflation, last night introduced a new Z$500 million bank note barely two weeks after issuing Z$250 million and Z$100 million denominations.

The beleagured central bank has also introduced agro cheques, which come into circulation on Tuesday and expire in December.

The agro cheques are in Z$5 billion, Z$25 billion and Z$50 billion

Acting RBZ Governor Dr Charity Dhliwayo says the agro cheques had
been introduced to facilitate the implementation of the “grain mobilisation programme” in the face of the unfolding global food crisis.

She said the special cheques could be used to purchase any goods and
services in the same manner as bearer cheques.

“The latest innovation seeks to bring convenience to our farmers who,
starting this year’s marketing season, are receiving competitive prices for
their produce,” she said.

She said retailers would be able to deposit the agro cheques in the normal banking system and banks would then deposit them at the central bank for immediate reimbursement while both banks and shops could also reissue the agro cheques, whose date of expiry will coincide with the end of the agriculture marketing season.

This is the third set of high denomination notes to be issued this year, the last on May 6 when the Z$250 million and Z$100 were put in circulation. On April 2, the RBZ launched a Z$50 million note, itself following on the introduction of a Z$10 million note in January.

Recently central bank floated its currency to eliminate speculation on the
black market.

As of this morning US$100 can be exchanged for a whooping Z$25 billion dollars.

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