Zimbabwe’s local quasi-currency begins circulating in the country

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Bond notes, a local quasi-currency, will begin circulating in Zimbabwe on Monday.

The country’s central bank made the announcement Saturday ending months of speculation about their release date, which had been postponed twice. The central bank will also limit withdrawals to curb any abuses.

The Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to issue bond notes to address chronic cash shortages and supplement dwindling U.S. dollars that have been in circulation for the past seven years.

The bond notes will be officially interchangeable 1:1 with the U.S. dollar.

The RBZ said it will initially release bond notes in $2 denominations and would also introduce $1 bond coins.

Farai Myakutuya has more.

 

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