2197) $50 (Fifty Dollars), Zimbabwe: The Reserve Bank of Zimbabwe (RBZ) has introduced into circulation this Banknote denomination: Date of Banknote issue: 06.07.2021:
The Reserve Bank of Zimbabwe (RBZ) has on 06.07.2021, introduced 7.2 million pieces of a new 50-Zimbabwe dollar (ZWL) Banknote. Around 360 million ZWL are slated to be put into circulation.
The 50 ZWL banknote has been issued under Statutory Instrument 196 of 2021.
The new Banknote, which has the monetary value of about 60 U.S. Cents (at the prevailing foreign currency exchange rate), has joined the $2, $5, $10 and $20 ZWL Banknotes which are already in circulation introduced in February 2019.
The value of the $50 Banknote is not enough to buy a loaf of bread. The Banknote's entry into circulation has revived memories of the hyperinflation the southern African nation experienced over a decade ago.
The new Banknote is the latest and most valuable in a series introduced from February 2019 as Zimbabwe has moved back to using local currency.
Zimbabwe's previous experience:
The Zimbabwean dollar was suspended indefinitely, when the country trashed its own worthless units after hyperinflation reached 500 billion percent, from 12 April 2009 as the Zimbabwean Dollar had become almost worthless, and the Euro, Indian Rupee, United States Dollar, Pound Sterling, South African Rand, Botswana Pula, Australian Dollar, Chinese Yuan, and Japanese Yen were used as legal tender.
The United States Dollar was adopted since 2009, as the official currency for all government transactions although China has tried to usurp the US Dollar with the Chinese Yuan, in the debt-ridden country.
Now the introduction of the new denomination is stoking fears of a return of the kind of hyperinflation that wiped out savings and collapsed the economy, with head-spinning daily leaps in the prices of goods and services.
The $50 Banknote:
The Back of the $50 Banknote shows the Tomb of the Unknown Soldier and the statue of Mbuya Nehanda in the center of Harare. She was a female spirit medium who along with the male religious leader, Sekuru Kaguvi, inspired the 19th century revolution against British colonisation. She was martyred by hanging in 1898.
The Front of the $50 Banknote has the traditional "Three Balancing Rocks" (or Chiremba Balancing Rocks) in Matopos National Park, Matabeleland as the main illustration, the logo of the Reserve Bank of Zimbabwe.
The Banknote has a segmented security thread that shifts from green to red.
The Chiremba Balancing Rocks:
The Chiremba Balancing Rocks were declared a National Monument in 1994.
It is located about 13 kilometres south-east of Harare in Epsworth. The formation is characterized by granite balancing rocks within a natural scenic environment.
The balancing rocks now symbolize peace and stability of the nation’s economy. These rocks, thus, symbolically represent harmony between all the parameters of economic growth and development. During the colonial era, the Balancing Rocks were adopted as one of the motifs depicted on Rhodesian Banknotes. The symbolic significance has been carried forward by Zimbabwe after Independence, as well.
An image of the Chiremba Balancing Rocks
(This Banknote is from the collection of my friend Jayant Biswas. Post researched and written by Rajeev Prasad)
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