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New banknotes Statutory Instrument gazetted

The government has gazetted Statutory Instrument (SI) 103A of 2020 to pave way for the issuing of new banknotes in the denominations of the ZWL$10 and ZWL$20 by the Reserve Bank of Zimbabwe (RBZ).

The central bank is set to soon issue a new set of higher denomination banknotes to increase physical money supply and curtail prevailing cash shortages in the market.

Zimbabwe currently has the ZWL$2 and ZWL$5 bank note, initially introduced as bond notes in November 2016.

The Monetary Policy Committee has given the green light for the introduction of the new banknotes worth close to ZWL$600 million.

Currently, around ZWL$1, 4 billion in cash is circulating, with the new notes expected to take the total to ZWL$2 billion.

“This notice may be cited as the Reserve Bank of Zimbabwe (Issue of Ten Dollar and Twenty Dollar Banknotes) Notice, 2020,” reads the SI in part.

“The design of the ten dollar banknote shall be as follows – (a) on the front side of … the ten dollar note the dominant feature shall be the logo of the Reserve Bank of Zimbabwe (three balancing rocks), with the visually impaired recognition feature to the left, latent image showing the denomination, optical variable ink with colour shift from magenta to green, security thread with the inscription “RBZ”, watermark with highlighted inscription “RBZ10” and see-through of the Zimbabwe Bird looking to the left in perfect register, as secondary features.”

On the back side of the ZWL $10, according the SI, there shall be an impression the RBZ building and four buffaloes.

“The design of the twenty dollar banknote shall be as follows – (a) on the front side of … the twenty dollar note the dominant feature shall be the logo of the Reserve Bank of Zimbabwe (three balancing rocks), with the visually impaired recognition feature to the left, latent image showing the denomination, optical variable ink with colour shift from green to azure security thread with the inscription “RBZ”, watermark with highlighted inscription “RBZ20” and see-through of the Zimbabwe Bird looking to the left in perfect register, as secondary features,” reads the SI.

On the back side of the ZWL20 there shall be an impression of an elephant and the Victoria Falls.

The basic colour of the ZWL$10 will be red while that one of the ZWL$20 will be blue.

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