Zimbabwe new currency circulated

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Zimbabwe now has access to the new 2 and 5 dollar notes and coins. The new currency was expected to start circulating on Monday but failed to appear on time until the next day.

New bank notes and coins finally hit the streets of Zimbabwe on Tuesday after a false start the day before, with depositors forming long queues at banks and ATMs.

The new notes are part of President Emerson Mnangagwa’s monetary reforms to have Zimbabwe revert to using its own currency in place of the US dollar and the rand. In June, Finance Minister Mthuli Ncube banned the usage of foreign currencies for the settlement of local transactions.

On Tuesday, depositors started withdrawing the new notes, in 5 and 2 Zimbabwean dollar denominations, as well as 2 dollar bond coins, from banks and cash machines. The new currency was supposed to be available on Monday but the introduction was delayed.

The new bank notes will circulate alongside bond notes that were introduced in 2016 as a substitute for the U.S. dollars. This was a step by the central bank to restore the Zimbabwe dollar.