Introduction into circulation new Zimbabwe $10 and $20 Dollar banknotes

Zimbabwe received 60 tonnes (60,000 kg) of freshly printed new $10 and $20 Dollar bond notes on Thursday. According to the Reserve Bank of Zimbabwe, these bond notes will come into circulation as follows:

• The $10 banknote will commence circulating on Tuesday 19 May 2020
• The $20 banknote will be in circulation by the First week of June 2020

These banknotes were being printed to complement the $2 and $5 notes which have become valueless as the inflation-hit currency continues its side.

The RBZ has previously refused to disclose where the bond notes are being printed but based on where the planes originated, it is highly likely that the banknotes were printed by the Leipzig division of Giesecke & Devrient, a Munich-headquartered company that has a history of doing business with the country.

Zimbabwe’s finance minister Mthuli Ncube told that Zimbabwe is printing more money with the prime objective of raising funds for an $18 billion economic stimulus package.

The objective of this package is to mitigate the negative impact caused by the novel coronavirus on the national economy. He further added that the package is equal to 9 per cent of the country’s Gross Domestic Product (GDP).

Whereas, former finance minister Tendai Biti last week claimed that Zimbabwe was so broke that it was failing to pay its workers and was creating fictitious money. The coffers are empty and they are generating salaries through the RTGS Ponzi scheme.

The government has long been accused of printing more money and thereby fueling inflation.