The newest Zimbabwean note, the $50, P-105.

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Revenant

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In other news, Mike pointed out to me that the $50 note, the P-105, finally dropped after about 6 months of talk.

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That statue on the note is the statue / monument to the unknown soldier, which is in the National Heroes Acre (which is actually about 57 acres). This is also where the "Eternal Flame of Freedom" / "Eternal Flame of Independence" is - you see that show up in a few different places, including on the old P-3 notes I'm grading soon, the P-99 (&P-101) and the P-97.

No clue yet who this person is supposed to be.

I like the color on this one though. It looks similar to the old P-40s - only talking about the color here. Those notes (bearer checks) look nothing like this. lol 

 You get different values on this thing depending on what you reference. Some articles put the value at US$0.59-0.60 based on prevailing official bank rates and some put it at US$0.35 based on black market rates. Other black market rates I see would put it at about US$0.13-0.14. In either case, it isn't worth much.

If they had any sense they would have skipped these completely and done $100, $500, $1000 and $5000 IMO but they're afraid that releasing new notes too fast will spook people with memories of 2006-2009.

But inflation is still running at 106% (down from ~800%).

They are again allowing the US dollar in parallel with the ZWD so you're back to dollarization.

The new note still won't buy a loaf of bread - it takes two of them. You still need a huge wad of bills to make any reasonably sized purchase.

People are already worried about the fact that they are seeing 1 or 2 new, higher denominations every year.

People simply aren't this dumb.

They're already talking about the fact that more, higher, denominations will probably be coming in articles announcing this one.

The RBZ might be thinking that releasing new denominations slower is going to make people less alarmed and have them not remembering 2006-2009, but, they remember. The kids know about it. The fear and the awareness is there.

This is now the 5th design in the new series and the 7th issue / slot (if you have the P-99 and P-100 bond notes separately like they are in the world catalogue and the registry here). The 4th dollar had 7 designs and denominations and included a $100 and $500 notes. I think we'll get both of those and have the new dollar equal the run of the 4th dollar within a year and we may see a $1000 note and see the new series exceed the run of the 4th dollar by late 2022 or early 2023 at the rate they're going. I guess we'll see how long they stick to their guns and keep denying facts.

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I want to know who is paying to have all these notes printed? Venezuela skipped out on the bill to TDL at one point but Zimbabwe has no problem funding new issues of banknotes, seems odd. Somehow I have a feeling that we (the U.S.) are funding this. Like we helped financed the NBU's rebranding through USAID (U.S. Agency of International Development).

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On 7/20/2021 at 8:57 AM, Fenntucky Mike said:

I want to know who is paying to have all these notes printed? Venezuela skipped out on the bill to TDL at one point but Zimbabwe has no problem funding new issues of banknotes, seems odd. Somehow I have a feeling that we (the U.S.) are funding this. Like we helped financed the NBU's rebranding through USAID (U.S. Agency of International Development).

I doubt it. Venezuela was super dependent on the oil and gas industry. By the end it was basically 80-90% of their government revenue, and the oil exports tanked. Because they weren't maintaining the equipment, not only did the value of the exports fall when the price of oil tanked in 2014, but their output dropped by 50-60% if not more. Zimbabwe still has a few export industries - the most important of these is probably the gold mining industry, which brings in foreign money - usually US dollars. I expect gold mining and raw materials export is probably a big part of where Zimbabwe is still getting foreign cash these days. You also have to remember that the economy had "dollarized" until 2019. When they introduced the RTGS they force-converted all the US dollar bank balances of the population into RTGS and used that to effectively seize or nationalize a lot of US-dollar savings in the country. I suspect at least some of that helped with the printing of these notes, among other things. They seized the reserves for the RTGS dollar in Feb 2019 or thereabouts and the new non-bond-notes released in November 2019 IIRC.

Edited to add: The $200 million and $50 Million dollar credit facilities that funded the Bond Notes and Coins also didn't come from the US or even the IMF. They came from the African Export-Import Bank.

Edited by Revenant
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