Zimbabwean_bonds

Zimbabwean bonds

Zimbabwean bonds

Form of legal tender near money

Zimbabwean Bonds were a form of legal tender near money released by the Reserve Bank of Zimbabwe which attempts to resolve Zimbabwe's lack of currency. Bonds and were pegged against the U.S. dollar at a 1:1 fixed exchange rate and backed by the country's reserve. Since abandoning the Zimbabwean dollar in 2009 after it went into hyperinflation the country began using a number of foreign currencies including the U.S. dollar, South African rand, British pound and Chinese yuan as a means of exchange. The inability to print these currencies led to a shortage of money with banks issuing limits on withdrawals.

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Coins

Main article: Zimbabwean bond coins

On 18 December 2014 the Reserve Bank of Zimbabwe began issuing so-called 'bond coins' which were supported by a US$50 million facility extended to the Reserve Bank of Zimbabwe by Afreximbank (the African Export–Import Bank).[1] Pegged against the U.S. dollar coins were denominated at 1, 5, 10, and 25 cents and later followed by a 50-cent coin in 2015.[2] A bi-metallic one-dollar bond coin was released on 28 November 2016.[3] A bi-metallic two-dollar bond coin was released into circulation in 2018.

in 2024 the Zimbabwe gold was introduced and replaced the Zimbabwe dollar.

Notes

Main article: Zimbabwean bond notes

In November 2016 backed by a US$200 million Afreximbank loan the Reserve Bank of Zimbabwe began issuing $2 bond notes.[4] Two months later US$15 million worth of new $5 bond notes were also released.[5] Further plans for $10 and $20 bond notes were ruled out by the central bank's governor, John Mangudya.[6]

References

  1. [1]
    Staff Reporter. "RBZ says bond notes launch Monday". New Zimbabwe. Retrieved 1 May 2017.
  2. [2]
    "Zimbabweans suspicious of new 'bond coins'". Times Live. Johannesburg, South Africa: Times Media Group. 22 December 2014. Retrieved 1 May 2017.
  3. [3]
    "Bond notes finally out | The Herald". www.herald.co.zw. Retrieved 1 May 2017.
  4. [4]
    Crabtree, Justina (28 November 2016). "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 1 May 2017.
  5. [5]
    Rahman Alfa Shaban, Abdur (3 February 2017). "Zimbabwe introduces fresh $5 bond notes to ease cash crunch". Africa News. Retrieved 1 May 2017.
  6. [6]
    "RBZ rules out $10, $20 bond notes". News24. Archived from the original on 5 March 2017. Retrieved 1 May 2017.
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