WATCH | What you need to know: Zimbabwe printing new notes as inflation nears 1,000%

13 May 2020 - 13:25 By Deepa Kesa

Zimbabwe has begun printing new notes in $10 and $20 denominations at a time when annual inflation stands at 926%, according to a state media report.

Quoting Reserve Bank of Zimbabwe (RBZ) monetary policy committee member Eddie Cross, the Sunday Mail said a decision was “imminent” to increase liquidity in the market.

“The plans are advanced and higher-denomination notes will be made available to the public some time later this month. The Reserve Bank will make the announcement. They are being printed and the appropriate date will be announced soon,” Cross said

He added: “We are moving cautiously because we don’t want to disturb the monetary balance and we are insisting that banks pay for the currency when they draw it so that there is no money creation.”

Many customers were still frustrated, however, as banks maintained an existing weekly withdrawal limit of $20.

Shortages of cash, foreign currency, fuel and power are the most visible signs of Zimbabwe's worst economic crisis since 2008, when hyperinflation forced the government to ditch its currency.

Hundreds of people, mostly pensioners, queued for cash outside one bank in central Harare on Tuesday and were issued 150 Zimbabwe dollars (US$10) in the new bills and coins. They were told to return on Thursday May 14 if they wanted to withdraw more of the new banknotes.