Difference between revisions of "Zimbabwe Bond Notes"

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Revision as of 20:51, 18 May 2016

Zimbabwe Bond Notes
Zimbabwe Bond Notes
Bond-coins.jpeg
Bond Coins introduced in December 2014 and seen as a precursor to the notes
Central bankReserve Bank of Zimbabwe
 Websitewww.rbz.co.zw
User(s)Zimbabwe
Subunit
NicknameBond Notes, Zim Dollar

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya made the announcement. The bond notes will be in denominations of $2, $5, $10 and $20.[1]

Circulation of the notes will start in May. The total value of the notes were said to be backed by the same $200 million Africa Export Import Bank (AFREXIM) facility that is backing the Bond Coins.

Why Bond Notes

The Bond Notes were to introduced to help ease the cash shortage in the country. The Cash shortage came about as use of the South African Rand reduced (due to the weakening of the SA Rand following a downturn in South Africa's economy) causing an increased demand on the US dollar. Zimbabwe has not currency of it's own after having ditched it in 2009 following hyperinflation.

Skepticism from Zimbabweans

The introduction of the Bond Notes was widely viewed skeptically by Zimbabweans as it was seen as a return to the Zimbabwe Dollar dollar days of Hyperinflation.

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References

  1. UPDATE: Zim to introduce bond notes as cash shortages bite, The Source, Published:4 May 2016, Retrieved:5 May 2016