5 Need-to-know things about Bond Notes release announcement

6 years ago
Sat, 26 Nov 2016 13:38:52 GMT
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5 Need-to-know things about Bond Notes release announcement

The Reserve Bank of Zimbabwe has finally announced that the controversial Bond Notes will be released on Monday 28 November 2016. For those that haven’t read through the full statement by the RBZ, here are 5 Need-to-know things about the Bond Notes:

1. Normal Banking Channels. Not limited to exporters and remittance recipients

The Notes will be released to your bank. Even though the RBZ says the notes will only be funding export and remittances incentives, if you are neither an exporter or a remittance recipient, you will still find yourself with Bond Notes quickly enough. Those that get the Bond Notes in their accounts will use them to pay for things, you will get them as change. The incentive mantra is just a way of introducing them.

2. As a start, the bond notes will be released in the denomination of $2 only

The total value of Bond Notes in circulation will be $10 million according the the RBZ. And all of them will be $2 notes. However, the RBZ is also release $2 million in $1 Bond Coins.

3. Specimens will be released at the same time as the bond notes.

Even though the Reserve Bank Governor, John Mangudya has said that they would release specimens first and then later the Bond Notes, that is not going to happen. Instead, the Notes and the specimens showing the features are being released at once.

4. The Bond Notes have a $50 withdrawal limit per day and a maximum of $150 per week.

The RBZ statement says this is to protect the Notes against abuse.

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5. The RBZ is keen to have anyone committing a crime related to the Bond Notes prosecuted.

The RBZ statement says that anyone (or any Bank, currency dealer) hoarding, defacing, disfiguring or using the Bond Notes unlawfully must be reported to the RBZ itself. Such crimes attract imprisonment of up to 7 years.
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