Zimbabwe to introduce $10, $20 and $50 notes

Zimbabwe will introduce $10, $20 and $50 notes within the course of this year, Finance Minister Mthuli Ncube said in Geneva where he is attending the Davos conference.

Currently, the highest denomination note is $5 which is roughly 30 US cents using the interbank rate.

Ncube said the first step was to inject currency into the market through what he called “drip feeding” to prevent inflation from rocketing.

Zimbabwe stopped publishing year-on-year inflation figures in August last year and said it would do so from next month.

It, however, continued to publish month-on-month figures.

Bloomberg which interviewed Ncube, however, said Zimbabwe inflation currently stands at 520 percent a figure which Ncube did not dispute.

Moth-on-month inflation stood at 16.55 percent in December but Ncube said in his 2020 budget he expects this figure to fall to a single digit by the end of the first quarter and close the year at around two percent.

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