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Informal traders and public transport operators are rejecting the ZWL$50 note, as the Zimbabwe dollar continues to depreciate against the United States dollar, reported <a href="https://www.newsday.co.zw/business/article/200017481/market-rejects-zwl50-notesas-currency-loses-value">NewsDay</a>.
Over the past few years, inflation has driven the ZWL$2, ZWL$5 ZWL$10, and ZWL$20 notes out of circulation.
The smaller denominations have now been joined by the ZWL$50 note in the dustbin as informal traders and transport operators find it burdensome to move around with huge bundles of “worthless” banknotes.
National Consumers Rights Association president Effie Ncube told NewsDay that the rejection of the ZWL$50notes was a sign of a lack of confidence in the local currency. Said Ncube:
<blockquote>
The first thing is that this is a response from the market showing a lack of confidence in the Zimbabwe dollar and on the economic policies of the government.
The ramifications of that would be the continuous decline of the value of the Zimbabwean dollar versus major currencies.
That will drive up the prices of goods that are denominated in Zimbabwe dollars. 
So, in other words, it will drive up and put inflationary pressures on the Zimbabwe dollar-denominated prices.
</blockquote>
Economist Prosper Chitambara said the rejection of the ZWL$50 note might push the government to release higher denomination notes.
He said higher denomination notes will inadvertently increase the money supply. Said Chitambara:
<blockquote>
Given the challenges we have had, with high inflation I think it’s understandable that most economic agencies would reject the ZWL$50 note because it has obviously been decimated by inflation and it cannot purchase much.
So, it then calls on the monetary authorities to come up with higher denominations.
I am sure they would be wary to do that because that would also increase money supply depending on how it is done which can then trigger inflation.
But, given the challenges as I have said with high inflation, there is a need to provide some bit of convenience, in economic urgency, to the transacting public by coming up with notes that are in line with the inflationary developments.
</blockquote>
Meanwhile, in Chitungwiza, citizens who were in possession of the ZWL$50 banknotes were “dumping” them at large retail outlets such as OK and Pick n Pay at Makoni Shopping Centre where they were still being accepted.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Informal Traders, Kombis Reject ZWL$50 Banknotes

Traders at Harare’s Mbare Musika have been accused of destroying the local currency, the Zimbabwe dollar.
Chivi North legislator Mathias Tongofa claimed that since the introduction of the $50 note, people are now rejecting the $10 note as legal tender.
Tongofa asked in the National Assembly what the central bank was doing about this as it had now become a trend that people reject lower denomination notes whenever a higher note is introduced. He said:
<blockquote>We noticed that the Reserve Bank of Zimbabwe (RBZ) and Ministry of Finance introduced the 50 dollar note denomination for the convenience of buyers and businesses.
However, the effects of the higher denomination are that as soon as the higher denomination is introduced, the smaller denominations are now rejected in the market.
I would like to know what the RBZ is doing to ensure that the public does not deny the smaller denominations. Currently, people are rejecting 10 dollar notes.
Previously they denied the five-dollar note and all this starts from Harare. I wonder whether they are doing enough to ensure that the phenomenon does not occur each time they add a new denomination.
The 10 dollar note already is now being attacked, it is no longer accepted in the market. We just wonder what they are doing.
The source of that issue here, in this city, is from Mbare – that is where it starts.
I wonder what they are doing as the monetary authority to ensure that such a phenomenon does not occur each time they add a higher denomination to the market.</blockquote>
National Assembly Speaker Jacob Mudenda advised Tongofa to ask the Minister of Finance Mthuli Ncube during question time but Ncube was not in the House on Wednesday.
Ncube was expected to present the mid-term budget review yesterday but will do so next Thursday, 29 July.
<h4>More: <a href="https://insiderzim.com/mbare-playing-havoc-with-local-currency-mp/">Insider</a></h4>

Mbare Destroying Zimbabwe Dollar - MP

Some economic commentators said the ZW$50 banknote issued by the Reserve Bank of Zimbabwe (RBZ) recently will fuel inflation in an economy already ravaged by the COVID-19 pandemic.
The ZW$50 banknote, embossed with the portrait of liberation icon Mbuya Nehanda, is now the highest denomination in Zimbabwe but it is not enough to buy a loaf of bread.
For some economists, the release of the new note has evoked fears of hyperinflation reminiscent of the 2008 era, while others said it would reduce the cost of bank withdrawals.
In 2008, Zimbabwe suffered the second most severe episode of hyperinflation in recorded history.
The annual inflation rate peaked in November of that year, reaching 89.7 sextillion per cent, according to Steve Hanke, an economist and currency expert.
In its weekly review, a civil society organisation, the Zimbabwe Coalition on Debt and Development (Zimcodd), said the new note is a replay of the 2008/2009 inflation experience which resulted in the abandonment of the Zimbabwe dollar. It said:
<blockquote>The highest notes in Zambia, Botswana and South Africa are worth US$4.50, US$18.35 and US$14, respectively–denoting the decimated purchasing power of the local currency.
The concern to the ordinary citizen is: How many groceries can you buy with the ZW$50? One requires two new ZW$50 notes to buy a loaf of bread whilst the full complement of all the notes (ZW$50, ZW$20, ZW$10, ZW$5 and ZW$2), when added together, cannot buy a loaf of bread.</blockquote>
Zimcodd said the value loss of the local currency hinders confidence building by the public, thereby discouraging savings as interest earned is lower than the inflation rate.
Confidence in the Zimbabwe dollar is further weakened by the government preference for payment for its services in the US dollar and this proves the government’s loss of confidence in its very own currency.
Zimcodd further stated that the introduction of the new ZW$50 advances the government’s motive of acquiring the US$ through profit made by issuing the new notes.
<h4>More: <a href="https://thenewshawks.com/worthless-new-zw50-note-highlights-economic-troubles/">The NewsHawks</a></h4>

"Worthless" ZW$50 Note Evokes Memories Of The 2008 Era

Retailers have welcomed the introduction of the $50 banknote by the Reserve Bank of Zimbabwe (RBZ), saying, however, there is a need to ensure that the new notes will not end up in the hand of illegal forex dealers.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said it is mind-blogging that nothing is being done against illegal forex traders. He said:
<blockquote>It’s a welcome development and all we need is to work harder to get cash to circulate within formal channels otherwise illegal foreign currency dealers celebrate more than formal business who are failing to access cash anyway.
The bulk of the cash is being intercepted by illegal money changers who have increased in numbers and applying various tactics to evade arrest. As a country, I don’t think we do not have the capacity to deal with this vice.
Our porous banking institutions have not helped matters as these cash shenanigans have continued unabated.
It boggles the mind that illegal forex traders are using many accounts held with different banks without being noticed.
The same way we dealt with mobile money transfers should be applied on these bulk wire transfers funding illegal forex trading.</blockquote>
On Tuesday, the RBZ introduced $50 notes, which will come into circulation with effect from today.
Treasury has given legal effect to the issuance of the new notes by promulgating Statutory Instrument 196 of 2021.
According to the apex bank, $360 million worth of the new $50 notes will be issued.
<h4>More: <a href="https://www.herald.co.zw/new-50-note-wont-stoke-inflation/">The Herald</a></h4>

'Cash-starved' Retailers Welcome $50 Banknote

The introduction of new $50 banknotes by the Reserve Bank of Zimbabwe (RBZ) today will not stoke inflationary pressures since they do not add to the country’s reserve money, an economist has said.
This follows the introduction of $50 banknotes by the RBZ, which will come into circulation with effect from today.
Economist and Monetary Policy Committee (MPC) member Persistence Gwanyanya, said there is not going to be an increase in money supply to support price increase. He said:
<blockquote>However, because of our historical experience of hyperinflation, on account of excessive monetary expansion, which was supported by higher cash denomination, RBZ is now overly cautious about higher denominations.
What would be more interesting for the ordinary person to know is that the increase in cash denomination is not going to be associated with the increase in money supply.
The Monetary Policy Committee actually reduced its quarterly reserve money target from 22,5 per cent to 20 per cent to support its disinflation programme.
I know the temptation by our speculative, arbitrageurs and rent-seekers seeking to increase prices as a reaction to the introduction of the new denomination, but the message out there is very clear.</blockquote>
National Business Council of Zimbabwe president Langton Mabhanga believes the new note will ease cash shortages. He said:
<blockquote>Given the current stability, the new note will help with access to cash for those that largely deal in cash transactions.
I expect that those in the horticulture industry, for example, are particularly happy with this development.
But we continue to implore people to continue using plastic money. And we don’t expect the new note to flow to the parallel market or otherwise contribute to illicit activities given all the parameters that are in place and the discipline that we have seen in the market.</blockquote>
According to the Zimbabwe National Statistics Agency, the country’s year on year inflation rate for the month of June 2021 slowed to 106,64 per cent from 161,9 per cent in May.
<h4>More: <a href="https://www.herald.co.zw/new-50-note-wont-stoke-inflation/">The Herald</a></h4>

'New $50 Banknote Won’t Stoke Inflation'

Reserve Bank of Zimbabwe (RBZ) issued a $50 dollar banknote on Tuesday in addition to the $2, $5, $10, and $20 notes which are already in circulation.
RBZ governor John Mangudya said the higher denomination has been issued through Statutory Instrument 196 of 2021.
Here are the security features of the $50 banknote:
<ol>
<li>Banknotes have a unique rough feel which is different from other printed materials such as magazines or computer printouts.</li>
<li>Watermark: When held against the light the Zimbabwe bird and ‘RBZ’ can be seen. In reverse, this will appear backwards.</li>
<li>Windowed Security Strip: The strip changes from red to green with a holographic element when tilted. When held up to the light it reads as a continuous line reading ‘50’ on the front and ‘RBZ 50’ on the back.</li>
<li>See-through: Locate the shape above the watermark. Hold the note up to the light. The shape completes with the image on the back of the note to form the Zimbabwe bird in a star.</li>
<li>Iridescent Band: when the note is tilted. Moving the note around shows a shiny stripe pattern on the back of the note. The stripe shows the denomination of the banknote.</li>
<li>Feature for the partially sighted: Six horizontal bars appear in the bottom right and left-hand corners. These have a raised effect to help the partially sighted recognise this banknote.</li>
<li>The value numeral can be seen in the feature on the bottom left when the note is tilted.</li>
</ol>

Features Of The $50 Banknote As Mbuya Nehanda Makes Debut

The Reserve Bank of Zimbabwe issued a $50 dollar banknote on Tuesday in addition to the $2, $5, $10, and $20 banknotes that are already in circulation.
In a statement, RBZ governor John Mangudya said the higher denomination has been issued through Statutory Instrument 196 of 2021.
Mangudya added that the $50 banknote will come into circulation tomorrow, 7 July, with $360 million to be issued through the normal banking channels. He said:
<blockquote>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.
The Bank shall release ZW$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.</blockquote>
In January this year then RBZ Monetary Policy Committee member, Eddie Cross, said the central bank would “soon” introduce a new set of higher denomination banknotes to increase the physical money supply and end cash shortages
Cross said that new $50, $100 and $200 banknotes will be introduced this year.

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