By Staff Reporter
Harare, November 26, 2016 – THE Reserve Bank of Zimbabwe (RBZ) has announced that bond notes will be released on Monday through the country’s banking system.
The RBZ said in a statement of Saturday that an amount of $12 million in both notes and coins will be injected into the economy in denominations of $2 and $5 notes.
RBZ further said the $12 million set to be released shall comprise $10 million in the form of bank notes and $2 million in coins.
A total amount of $200 is expected to be gradually introduced into circulation.
“The initial release of bond notes shall be in an amount of $10 million in denominations of $2 and $2 million in one dollar bond coins,” said RBZ.
“The features of the bond notes would be released simultaneously with bond notes.
“The use of bond notes within the multi-currency exchange system which are anchored to the US $200 million facility will operate along the same lines as bond coins. They are pegged at 1:1 to the US dollar.
“The banking public is advised that no new account would be opened as the bond notes would be deposited into existing US dollar accounts.”
The RBZ also maintained cash withdrawal limits of $50 per day three times a week.
“This measure is in tandem with the objective of the bank to release bond notes into the market on a measured basis which is critical to mitigate against abuse of bond notes,” said RBZ, adding that it has since agreed with shop owners, fuel companies, representatives of the various business associations and the consumer council of Zimbabwe on the use and acceptability of bond notes as a medium of exchange in the country.