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Zimbabwe’s new 10 dollar notes start circulating

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On Tuesday Zimbabwe’s new denomination note started circulating as country battles cash shortages.

The move is part of the measures by Reserve Bank of Zimbabwe to curb cash shortages that have seen 40 percent premiums being charged at the black market.

Another new 20-dollar banknote is expected start circulating by June.

Prior to this week only 2 dollar and 5 dollar bills were in circulation.

The Zimbabwe dollar has continued to degrade on the parallel market since the Reserve Bank announced the introduction of the new notes.

While the bank rate on Wednesday was US$1:ZWL$25, the parallel market rate stood at US$1:ZW60.5.

Official figures by the National Statistics Agency show yearly inflation in March 2020 stood at 676 percent.

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