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Long-suffering Zimbabweans are now being forced to accept huge sackfuls of coins from their banks and mobile money agents as bond notes vanish from the local market on the back of currency dealers who are either hoarding them for speculative purposes or taking the surrogate into the black market.
Zimbabwe has launched a controversial new currency in a last ditch bid to inject desperately needed cash into its failing economy. Many ordinary people fear the new “bond notes”, issued on Monday by the central bank in Zimbabwe, will trigger economic chaos, wiping out savings and causing massive hardship for millions. Zimbabwe has been ruled […]
Zimbabwe on Monday started issuing “bond notes”, its own currency equivalent to the US dollar, in a bid to ease critical cash shortages, but the move sparked fears of a return to hyperinflation. The crisis-hit southern African country has used multiple foreign currencies, including the greenback, since 2009 after a rate of inflation that peaked […]
The Government has ordered an additional $6 million worth of bond coins as demand soars on the back of increased usage trigged by the rejection of the South African Rand by some businesses.
A couple of weeks back I sought to buy a couple of bananas from a young man pushing a wheel-cart. I had the rather ubiquitous South African two rand coin and handed it over to him. He looked at it and calmly handed it back asking, ‘Don’t you have bond coins?’
More than a month since the Reserve Bank of Zimbabwe (RBZ) introduced bond coins into the economy with a view to easing change challenges across the country, the circulation of the special coins remains subdued in Matabeleland.
HARARE – The introduction of bond coins was a “confidence-building measure” after the hyper-inflationary and pre-dollarisation era’s “financial trauma”, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said.
Banks will today start circulating the Reserve Bank of Zimbabwe’s imported bond coins, in a move expected to ease the problem of small change that has been bedevilling the economy since the advent of the multi-currency regime in 2009.
HARARE – The Reserve Bank of Zimbabwe (RBZ) yesterday unveiled a new set of bonded coins worth $10 million, which will start circulating on December 18.