New Zim Dollar Notes & Coins For Zimbabwe

Riyaz Patel

Zimbabwe’s central bank will introduce some notes and coins in the Zimbabwe dollar currency in the next two weeks, the latest step towards restoring the domestic currency, central bank governor John Mangudya said Tuesday.

The new money, consisting of 5 dollar notes and 2 dollar coins, will be introduced gradually to avoid driving up inflation, Mangudya said. It will circulate alongside the bond notes and coins introduced in 2016 as a surrogate for US dollars, which the country was then mainly using in lieu of its own currency.

The central bank unexpectedly reintroduced the Zimbabwe dollar on June 24, ending a decade of dollarisation. Zimbabwe had abandoned its own currency in 2009 after it was wrecked by hyperinflation.

“We thought of being conservative (in introducing low denomination notes and coins) and we will graduate with time,” Mangudya said following a two-day monetary policy committee meeting.