Government has announced the introduction of a 100-dollar bond note which shall anchor the current family of local bank notes in circulation.
This was announced Wednesday by Finance Minister Mthuli Ncube through Statutory Instrument 68A of 2022.
According to the SI, the note will have an impression of the Great Zimbabwe monument and a baobab tree.
“On the front side the dominant feature shall be the logo of the Reserve Bank of Zimbabwe (three balancing rocks), with the visually impaired recognition feature to the left, latent image showing the denomination, 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,” reads the SI.
“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.”
The introduction of the new note comes as prices of goods and services continue to sky-rocket in the country.
A load of bread now costs ZW$273.
This means that the new note will not even be enough to buy a loaf of bread.
On the black market, a single US dollar can be exchanged for anything between ZW$220 and ZW$240 while the bank rate remains at ZW$140.
The government move to introduce a new note to work in tandem with the current bank notes is a sign government did not have plans to scrap the local currency for the US dollar in the country.