Zimbabwean bonds
 Zimbabwe 1-dollar coin | |
| Unit | |
|---|---|
| Symbol | $ |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Banknotes | $2, $5 |
| Coins | 1¢, 5¢, 10¢, 25¢, 50¢, $1 |
| Demographics | |
| User(s) |  Zimbabwe |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Valuation | |
| Pegged by |  U.S. Dollar |
Zimbabwean Bonds are a form of legal tender near money released by the Reserve Bank of Zimbabwe which attempts to resolve Zimbabwe's lack of currency. Bonds are 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.
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 Afrexim 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]
Notes
In November 2016 backed by a US$200 million African Export-Import Bank loan the Reserve Bank of Zimbabwe began issuing $2 bond notes.[4] Two months later US$15 million worth of new five-dollar bond notes were also released.[5] Further plans for a $10 and $20 bond notes were ruled out by the central bank's governor John Mangudya.[6]
References
- ^ Staff Reporter. "RBZ says bond notes launch Monday". New Zimbabwe. Retrieved 1 May 2017.
- ^ "Zimbabweans suspicious of new 'bond coins'". Times Live. Johannesburg, South Africa: Times Media Group. 22 December 2014. Retrieved 1 May 2017.
- ^ "Bond notes finally out | The Herald". www.herald.co.zw. Retrieved 1 May 2017.
- ^ Crabtree, Justina. "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 1 May 2017.
- ^ Rahman Alfa Shaban, Abdur. "Zimbabwe introduces fresh $5 bond notes to ease cash crunch". Africa News. Retrieved 1 May 2017.
- ^ "RBZ rules out $10, $20 bond notes". News24. Retrieved 1 May 2017.