Business / Economy
Govt orders additional bond coins worth $6 million
24 Dec 2015 at 14:40hrs | Views
The government has made an order of additional bond coins worth US$6 million to sustain a rise in demand for the denominations.
In the 2016 national budget statement, the Minister of Finance and Economic Development, Patrick Chinamasa, said the additional bond coins will facilitate smooth transactions in the economy.
Chinamasa said the Reserve Bank of Zimbabwe (RBZ) will in January provide further details on the additional bond coins.
An economist, Dr Gift Mugano said the fall of the South African rand against the United States dollar has led to an increased confidence of bond coins in Zimbabwe.
"It is a simple issue where the bond coin is now the most preferred coin among a basket of multiple currencies within the country," he said.
Bond coins worth US$13,6 million were introduced in December last year by the RBZ Governor, Dr John Mangudya to ease the problem of change in the economy.
The central bank has however ruled out a return to the local currency until local foreign currency reserves improve.
In the 2016 national budget statement, the Minister of Finance and Economic Development, Patrick Chinamasa, said the additional bond coins will facilitate smooth transactions in the economy.
Chinamasa said the Reserve Bank of Zimbabwe (RBZ) will in January provide further details on the additional bond coins.
"It is a simple issue where the bond coin is now the most preferred coin among a basket of multiple currencies within the country," he said.
Bond coins worth US$13,6 million were introduced in December last year by the RBZ Governor, Dr John Mangudya to ease the problem of change in the economy.
The central bank has however ruled out a return to the local currency until local foreign currency reserves improve.
Source - zbc
