Zimbabwe introduces high banknote denominations
Zimbabwe is set to introduced banknotes with a higher denomination into its system.
The Zimbabwean Dollar which keeps losing value against the USDollar will receive new $10 and $20 notes that are set relieve the $2 and $5 notes that have been in circulation for a while now.
In a statement the Finance Minister confirmed the introduction of these notes and also gave a description on how they will look like.
However he did not state when the new notes will begin to circulate.
The Zimbabwean Dollar keeps losing value on a daily basis in the black market which is allegedly run by some high ranking government officials.
As of date according to the official interbank market rates the zim dollars is trading at zw$25 for 1USD whilst in the parallel black market its trading at zw$33 for 1USD and zw$48 for 1USD if its an electronic transactions.
Reports have it that yesterday Zimbabwe received 60 000kgs of bank notes printed in Germany.
Below is a statement obtained from one of Zimbabwe’s Opposition Youth Leader Fadzayi Mahere’s twitter account.