Business / Economy
Be familiar with bond notes security features - Chinamasa
01 Nov 2016 at 07:23hrs | Views
Bond notes will only be introduced when the Reserve Bank of Zimbabwe is satisfied that the public is sufficiently conversant with the salient features, Finance Minister Patrick Chinamasa said.
Awareness campaigns on the notes kicked off on Monday.
The bond notes will be in $2 and $5 bills.
Below is part of the statement from Chinamasa :
"The Reserve Bank of Zimbabwe will with immediate effect start the process towards issuance of bond notes as a legal tender in Zimbabwe.
"The process will commence with media publicity to inform and raise awareness of the public on the denominations, design, form, material and security features which are used in the bond notes to be introduced.
"This is to ensure that the public is not duped by fake bond notes that may be circulated into the market by unscrupulous elements in our society.
"Given the criticality of the issuance of bond notes as legal tender to the recovery of our economy and also the controversy that has surrounded the subject matter, it has been decided that the legality of bond notes as legal tender in Zimbabwe should be put beyond any measure of doubt. It is to this effect that the President has today gazetted Statutory Instrument 133 of 2016, Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016. The measures that have been gazetted under Presidential Powers Regulations will fortify and underpin the existing legal framework for the issuance of bond notes"
Awareness campaigns on the notes kicked off on Monday.
The bond notes will be in $2 and $5 bills.
Below is part of the statement from Chinamasa :
"The process will commence with media publicity to inform and raise awareness of the public on the denominations, design, form, material and security features which are used in the bond notes to be introduced.
"This is to ensure that the public is not duped by fake bond notes that may be circulated into the market by unscrupulous elements in our society.
"Given the criticality of the issuance of bond notes as legal tender to the recovery of our economy and also the controversy that has surrounded the subject matter, it has been decided that the legality of bond notes as legal tender in Zimbabwe should be put beyond any measure of doubt. It is to this effect that the President has today gazetted Statutory Instrument 133 of 2016, Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016. The measures that have been gazetted under Presidential Powers Regulations will fortify and underpin the existing legal framework for the issuance of bond notes"
Source - Byo24News
