Zimbabwe will introduce higher denomination bank notes to increase the amount of cash in circulation. The country’s finance minister, Mthuli Ncube made this announcement, as inflation soars, pushing prices beyond the majority’s reach.
The country brought back the Zimbabwe dollar currency last year in June after a decade of dollarization. This move did not end severe cash shortages but rather worsened inflation, which reached 676.39% in March- one of the highest in the world.
Ncube says the central bank will start circulating 10 and 20 Zimbabwe dollar or $0.80 notes. Until now, the highest denomination was a 5 Zimbabwe dollar bank note.
Inflation is seen ending this year way above the central bank and treasury’s 50% target.
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