New Zimbabwe $10 note to start circulating Tuesday

The new Zimbabwe $10 note will start circulating on Tuesday while the $20 note will be in the market in the first week of June, the Reserve Bank of Zimbabwe announced in a statement today.

It said withdrawal limits will also be increased from $300 per week to $1 000 per week with effect from 19 May.

“Banks have been directed to ensure that the withdrawal limits are strictly observed,” the central bank said.

“The bank will not tolerate any abuse of currency and will decisively deal with any such abuse in terms of the law.”

There are fears that the new notes will fuel the black market which continues to thrive even under the lockdown because of the coronavirus.

According to Marketwatch the Old Mutual Implied Rate was at 81.85 to the US dollar today, while rates for electronic money ranged from 49 to 53 to one and cash was at 38.6 to one.

The Reserve Bank of Zimbabwe pegged the local currency at 25:1 during the lockdown.

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