RBZ Announces Imminent Introduction Of $100 Banknote

1 year agoWed, 06 Apr 2022 08:54:52 GMT
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RBZ Announces Imminent Introduction Of $100 Banknote

The Reserve Bank of Zimbabwe (RBZ) is set to introduce a new ZWL$100 banknote following the gazetting of Statutory Instrument 68A of 2022 by the Minister of Finance and Economic Development.

According to the statutory instrument, the $100 shall be issued in terms of section 40(3) of the Reserve Bank of Zimbabwe Act [Chapter 22:15]. The design of the one hundred dollar banknote shall be as follows:

(a) on the front side, the dominant feature shall be the logo of the Reserve Bank of Zimbabwe (three balancing rocks), with the visually impaired recognition feature to the left, a latent image showing the denomination, windowed security strip inscribed “RBZ” with a colour shift from red to green, watermark with the highlighted inscription “RBZ” and see-through of Zimbabwe Bird looking to the left in perfect register, as secondary features; and

(b) on the back side, there shall be an impression of the Great Zimbabwe Monument and the Baobab Tree, a gold-coloured iridescent band showing the denomination of the note and see-through of the Zimbabwe Bird looking to the right.

The development follows the gradual depreciation of the local currency, with the exchange rate now US$1: $ZWL145 on the RBZ forex auction, and about US$1: ZWL$250 on the parallel market.

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Currently, $10, $20, and $50 Zimbabwe dollar banknotes are being accepted by the public as a medium of exchange after $2 and $5 banknotes were “decommissioned” due to rising inflation.

More: Pindula News



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