All Banknotes Issued Since 2016 Are Still Legal Tenders – RBZ

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(161129) -- HARARE, Nov. 29, 2016 (Xinhua) -- Photo taken on Nov. 28, 2016 in Zimbabwe's capital Harare shows the new bond notes that start circulating in the country. Zimbabwe on Monday added a new "surrogate" currency to the nine already in its multi-currency basket amid mixed feelings from the banking public. (Xinhua)(yy)

All banknotes issued since 2016 are still legal tenders –RBZ. The statement is issued when some retailers have started rejecting $10 banknotes following the issuance of the $50 banknote. The Reserve Bank of Zimbabwe (RBZ) said all banknotes that were issued since 2016 are still legal tender.

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Zimbabwe’s basket of local currency notes consists of the 2, 5, 10, 20, and 50-dollar bills. The $2 and $5 banknotes disappeared a long time ago as the market rejected them for bigger denominations. The central bank said in a statement:

The Bank would like to advise the public that all banknotes issued by RBZ since 2016 are legal tender in Zimbabwe. Traders who reject such notes should be reported to the Financial Intelligence Unit on hotline numbers 0714039897 or 0780434475.

Smaller denominations were ditched mainly because inflation was soaring. Some fear that the recent hike in civil servants’ salaries will trigger a price hike that will render other denominations useless.

However, economic experts allay the fears saying there is not going to be an increase in money supply to support price increase.

Source – Pindula News

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