Zimbabwe says larger denomination notes coming

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

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