Business / Economy
Bond coins start circulating today
18 Dec 2014 at 07:11hrs | Views
Banks will today start circulating the Reserve Bank of Zimbabwe's imported bond coins, in a move expected to ease the problem of small change that has been bedevilling the economy since the advent of the multi-currency regime in 2009.
The coins will be distributed by RBZ through normal banking channels in denominations of 1c, 5c, 10c and 25c, while the 50c coin will be introduced later.
Similarly, rand coins of 10c, 20c, 50c R1, R2 and R5 worth about R30 million will also be imported to complement the special bond coins.
A total of $20 million worth of bond coins will be imported alongside R20 million worth of rand coins to augment existing stock.
Contrary to perception that the coins herald the return of local currency, Dr Mangudya said they were meant to complete the series of US dollar notes.
"The bond coins which were minted outside Zimbabwe are to be anchored by a $50 million bond facility from Afreximbank.
"The coins will ease the problem of small change and eliminate the problem of rounding up of prices to a dollar where there is no option to buy more goods and ease the hassle commuters go through trying to break up a dollar to find change."
Source - The Herald
