Zimbabwe is to introduce a new 100 dollar note as the country experiences soaring inflation.
Finance minister Mthuli Ncube announced the new features of the dollar note in statutory instrument (SI) 68A of 2022.
“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.
“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.”
Zimbabwe is experiencing rocketing inflation. The RBZ said the country’s annual inflation rose to 72.7% in March, from 66.1% the previous month. The central bank said it needed to remain focused on inflation reduction.
“While noting the decline in month-on-month inflation, from 6.99% in February 2022 to 6.31% in March 2022, the committee was concerned at the escalation in annual inflation, from 66.11% to 72.70% over the same period. The committee noted that global inflation was on the increase as a consequence of the Russia-Ukraine conflict which had secondary pass-through effects on domestic and international prices.”
The note is the highest bill in circulation, but is still not enough to buy a loaf of bread.