The Reserve Bank of Zimbabwe (RBZ) has pumped more than $6 million worth of bond coins into the economy since last September bringing the total value of coins in circulation to $9.4 million, data from the central bank has shown.
The southern African economy which dumped its local currency and adopted a basket of currencies which include the Botswana Pula, South African Rand and US dollar, introduced the coins in 2014 to address a shortage of lower denomination currency.
The special coins denominated in 1c, 5c, 10c, 25c, and 50c, trade at par with the US cents.
According to the central bank data $3.4 million bond coins were in circulation as at September 2015. By December the coins in circulation had more than doubled to $7.1 million.
Since the beginning of the year authorities have gradually increased the coins to $9.4 million as at September this year.
Bank data also shows that annual broad money supply (M3) fell by 0.85 percentage points in September from 16.87 percent recorded in August 2016.
On a month on month basis, broad money supply went up 1.78 percent from $5.2 billion in August 2016 to $5.3 billion in September 2016.
Demand deposits and savings grew 33.94 percent and 14.33 percent respectively while over 30-day deposits increased by 5.53 percent. However, under 30-day deposits went down 20.74 percent.
Credit to the private sector is largely flat $3.5 billion.- The Source
Ed: The number of coins in circulationn shows that Mangudya and Chinamasa are a very prudent pair. They are likely to fulfilll their promise that they will not flood Zimbabwe with bond notes. The bond coins were guaranteed by a $50 million facililty but so far only one-fifth of that are in circulation. The bond notes are guaranteed by $200 million facility but Mangudya and Chinamasa have said they will only release $75 million.
See other stories related to bond notes:
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Chinamasa quizzed over bond notes-insists that’s the best solution for Zimbabwe to recover
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Zimbabwe says bond notes are an anti-money laundering tool
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UK says it cannot interfere with Zimbabwe’s decision to introduce bond notes
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MDC-T says US dollar will disappear once Zimbabwe introduces bond notes
Bond notes spur fastest growth on Zimbabwe Stock Exchange in October
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