FINANCE Minister , Mthuli Ncube has approved the inception of the ZWL$100 note and the subsequent designs set to be made on the bill in a development which will enhance the ease of transactions for the banking public.
Granting permission for the directive contained under Statutory Instrument 68A of 2022 , the treasury boss said the latest development have since been approved by the head of state.
“This notice may be cited as the Reserve Bank of Zimbabwe (Issue of One Hundred Dollar Banknote) Notice, 2022. There shall be issued, in terms of the Act, a hundred dollar banknote,” he said.
Outlining the specifications, the note’s front side’s dominant feature shall be the logo of the RBZ with three balancing rock), with the visually impaired recognition feature to the left, latent image showing the denomination.
The note shall carry a windowed security strip inscribed “RBZ” with colour shift from red to green, watermark with highlighted inscription “RBZ” and see-through of Zimbabwe Bird looking to the left in perfect register as secondary features.
“On the back side there shall be an impression of Great Zimbabwe Monument and the Baobab Tree, gold coloured iridescent band showing the denomination of the note and see-through of the Zimbabwe Bird looking to the right,” he said.
Despite other regional currencies like the South African rand having up to 200 rands note and Botswana 200 pula note, the government has been cautious in introducing higher denominations owing to the need to preserve exchange rate stability.
Market watchers believe that the development will not have any bearing on pushing up inflationary pressures considering that the bulk of transactions are being carried out through plastic money use.