Zimbabwe says larger denomination notes coming


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Zimbabwe, which reintroduced its own currency in June but maintained the highest denomination note at $5, says larger denomination notes are coming.

Former banker and Treasury secretary George Guvamatanga told the media today: “We want to manage money supply. We are aware the money isn’t adequate and this will be addressed.  You don’t start by bringing in $500 notes.”

He said bond notes and coins will be phased out gradually.

Zimbabwe is currently experiencing serious cash shortages.

The Reserve Bank of Zimbabwe said it would be injecting $1 billion into the market but will do so gradually.

Zimbabwe needs at least $2.2 billion in circulation but currently has less than a billion.

Cash in circulation seems to be generally a problem in Africa.

While China has US$25 trillion in circulation, Egypt, which has the highest cash in circulation in Africa, has US$197 billion in circulation

Top 10 Countries With the Most Stock of Broad Money 

  1. China: $25T
    2. U.S.: $14T
    3. Japan: $8.9T
    4. Germany: $3.3T
    5. U.K.: $3.1T
    6. South Korea: $2.2T
    7. India: $2.1To
    8. Hong Kong: $1.8T
    9. Brazil: $1.8T
    10. Italy: $1.7T

(81 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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