Bond Notes & Coins To Be Phased Out Gradually

4 years agoMon, 04 Nov 2019 15:40:58 GMT
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Bond Notes & Coins To Be Phased Out Gradually

Bond notes and coins will continue to circulate alongside the soon-to-be-introduced Zimbabwe dollar notes and coins for a period of time until they are completely phased out.

New Ziana quotes Finance and Economic Development permanent secretary George Guvamatanga as saying that the fiat currency will be decommissioned gradually. He said:

The bond notes will still work though, so I am not saying come rush and change the bond note (for the new notes), initially, the bond notes will work alongside the new notes and coins and they will have the same value.

At some point, we will cut off, if you continue holding them we will not tell you when we will cut off, but at some point, we will cut off and only remain with the new notes and coins.

The government initially introduced the bond coins to provided small change during the multi-currency era.

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Bond notes were eventually added to the basket of currencies and were pegged at 1:1 against the United States dollar.

More: New Ziana



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