Zimbabwe will introduce higher denomination bank notes to increase the amount of cash in circulation, the finance minister said in a government notice on Thursday, at a time inflation is soaring and pushing prices beyond the reach of the majority.
The southern African nation brought back the discredited Zimbabwe dollar currency last year in June after a decade of dollarisation. The move failed to end severe cash shortages and unleashed inflation, which reached 676.39% in March, one of the highest in the world.
Mthuli Ncube said the central bank would start circulating 10 and 20 Zimbabwe dollar ($0.80) notes. Until now, the highest denomination was a 5 Zimbabwe dollar bank note. Inflation is seen ending this year way above the central bank and treasury's target of 50%.
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