Published by the government of Zimbabwe
3 October 2008
Harare — A HIGHFIELD man was severely assaulted by vendors in the mistaken belief that the new $20 000 note he had tenderedy for goods at a hardware market was fake.
The new note, which went into circulation on Monday, has no watermark, but has a number of security features built around the inks and press used.
This has prompted the Reserve Bank of Zimbabwe to urge the transacting public to carefully study the security features on the note.
The man produced the $20 000 note to pay for goods he had bought at a stall at the hardware market at Machipisa Shopping Centre on Monday afternoon, but by the time it dawned on his attackers that the money was genuine, the damage had already been done.
Although police at Machipisa yesterday said they had not received any formal report of the incident, they said news of the altercation had reached them.
A vendor at the market, Mr Lovemore Makunike, popularly known as Chinyambada, was among those who witnessed the incident.
"Yes, we have a man who was assaulted but later explained that he had withdrawn the money from the bank and insisted it was not fake. We then examined the money and discovered that it was, in fact, genuine," he said.
The new $10 000 note is printed on the same paper as the $1 000 note. It has the Zimbabwe Bird watermark, but with "1 000", not "10 000", on the watermark. It also has a metallic security thread.
The $20 000 note is printed on plain paper, but has a security strip printed in a violet iridescent ink, with its RBZ letters clearly visible when held at an angle to light. The strip is impossible to counterfeit on a laser printer from a scan.
The note also has a Zimbabwe Bird that changes colour from brown to green, again using a complex ink and printing technique that cannot be duplicated on a laser printer or colour copier.
Both notes have a partial printing of their face value on each side. When held to light, the two partial prints form a perfect 10 000 or 20 000.
The new $20 000 note is the first to printed through use of local solutions, following the abrupt decision earlier this year by the long-contracted German company to terminate banknote paper supplies to the RBZ as part of the illegal sanctions imposed by the West.
Several people have also reported that some shops were turning them away and refusing to accept the $20 000 note despite it being legal tender.
The Reserve Bank yesterday called on the public to familiarise themselves with the distinct security features on the new currency denominations and not be swayed by uninformed rumours.
RBZ Governor Dr Gideon Gono said the central bank was facing challenges caused by the seizure of the paper by Germany as part of the illegal embargo against Zimbabwe.
He said the RBZ was working flat out to ensure banks clear the prevailing long cash queues.
Dr Gono said viable local solutions were now in place and the cash shortages would be a thing of the past in the next few days.
Meanwhile, the unveiling of the new $10 000 and $20 000 notes has been accompanied by a massive surge in prices of goods and services, prompting the National Incomes and Pricing Commission to order businesses to revert to prices that were prevailing before September 26.
Addressing a Press conference, NIPC chairman Mr Godwills Masimirembwa said most businesses were taking advantage of the recent increase in cash withdrawal limits to raise prices willy-nilly.
"Only the so-called cash prices obtaining on September 26 as approved by the commission are payable by either cash, cheque or RTGS," he said.
Mr Masimirembwa said those who failed to comply with the directive face up to five years in jail or a fine or both.
The NIPC appealed to the public to report any unscrupulous business practices to the NIPC on hotlines (04) 735660 and 735672.
Prices of most goods and services started going up on Monday following the increase in cash withdrawal limits and introduction of the new $10 000 and $20 000 notes as the cash rate for the US dollar started falling as more cash was chasing the same number of dollars.
A snap survey in central Harare yesterday revealed that most shops had doubled their prices since the beginning of the week.
For example, the price for a 2kg packet of sugar had risen from $1 500 to $3 500 while a 1kg packet of salt which was going for $1 000 was now costing $5 000.
A 500ml bottle of Cascade, which was previously selling for $2 500, now costs $5 000, while a 300ml soft drink, which was priced at $1 000, now costs $3 000.
Commuter omnibuses also hiked fares from $500 to between $1 000 and $2 000 per trip.
The NIPC also announced a list of approved new third term fees for some private schools and said the applications by 11 more schools for fees in foreign currency or fuel coupons had been rejected. The NIPC advised the schools to re-apply.
The commission stressed that it was still illegal to demand school fees in foreign currency or coupons.
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