By Alois Vinga

THE Reserve Bank of Zimbabwe (RBZ) has introduced a new $50 banknote, which goes into circulation tomorrow (Wednesday).

RBZ Governor John Mangudya confirmed the development in a statement Tuesday.

“The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on 7 July 2021,” he said.

“The Bank shall release $360 million through the normal banking channels, and banks are expected to fund their respective accounts held at the Reserve Bank and collect the cash from 7 July 2021.”

Finance Minister Mthuli Ncube said the central bank, early this year, tabled plans to introduce $50, $100 and $200 banknotes into circulation in a bid to ease transactions for the banking public.

In a Statutory Instrument (SI) 196 of 2021 issued Tuesday, the front side of the new notes will feature the logo of the RBZ, three balancing rocks, with the visually impaired recognition feature to the left, latent image showing the denomination, windowed security strip inscribed “50” with colour shift from red to green.

“On the back side there shall be an impression of the Tomb of the Unknown Soldier and the motif of Mbuya Nehanda, gold coloured iridescent band showing the denomination of the note and see-through of Zimbabwe Bird looking to the right,” said Ncube in the SI.