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Zimbabweans react to proposed introduction of bond notes

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The Reserve Bank of Zimbabwe says it will soon introduce “Zimbabwe Bond Notes” valued at $200 million, amongst other measures designed to ease an ongoing cash crisis. Following the announcement, there are fears that the move is government’s plan to bring back the Zimbabwe dollar, discarded in 2009. Zimbabweans are taking to Twitter to share their opinions on the news.

The Reserve Bank of Zimbabwe (RBZ) has announced a number of interventions to ease the prevailing crippling cash shortages, stabilise and stimulate the economy.

In a statement, the central bank says it will soon introduce bond notes valued at $200 million amongst other proposed measures designed to ease an ongoing liquidity crisis. Banks in the country have in the past weeks been struggling to meet the demand for cash, thereby limiting cash withdrawals.

Reserve Bank of Zimbabwe governor John Mangudya introduced the new "bond coins" in December 2014. Photo: SABC
Reserve Bank of Zimbabwe governor John Mangudya introduced the new “bond coins” in December 2014. Photo: SABC

To address the cash crisis, RBZ Governor John Mangudya has said the bank will introduce “Zimbabwe Bond Notes” in denominations of $2, $5, $10 and $20 “as an extension of the current family of bond coins for ease of portability”.

Daily withdrawals will also be limited to US$1,000, 1,000 euros (about US$1,150) or 20,000 rand (US$1,350).

The proposed Zimbabwe Bond Notes will be introduced in two months. Following the announcement, there are  fears that the move is the government’s plan to bring back the Zimbabwe dollar, which was discarded in 2009 following a sustained period of hyperinflation and shortage of goods and commodities.

Zimbabweans are taking to Twitter, using the hashtags #BondNotes, #BondCoins and #Zimdollar to share their opinions on the central bank’s proposal.

https://twitter.com/deltandou/status/727989294279868416

 

Source: Twitter

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