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:
Company cashes in on bond note fears
Chinamasa quizzed over bond notes-insists that’s the best solution for Zimbabwe to recover
Mugabe seeks parliamentary approval for bond notes
Lawyers take Mugabe to court over bond notes
Zimbabwe says bond notes are an anti-money laundering tool
It’s not the bond notes- Zimbabweans just don’t trust the government and the banks
UK says it cannot interfere with Zimbabwe’s decision to introduce bond notes
Foreigners ditch Zimbabwe equities over bond notes
MDC-T says US dollar will disappear once Zimbabwe introduces bond notes
Bond notes spur fastest growth on Zimbabwe Stock Exchange in October
Chinamasa says Zimbabwe bond notes will only be released after publicity campaign
Mugabe clears way for bond notes
Plan to introduce bond notes fuels cash crisis
Zimbabweans seek safe haven in equities ahead of the introduction of bond notes
Bond notes coming as Mujuru case is thrown out
MDC-T calls on government not to introduce bond notes because they spell disaster
Zimbabwe bond notes only coming end of October
Zimbabweans march in protest over bond notes and unemployment
Bond notes could spark exodus of Zimbabweans to the diaspora warns development expert
Why Zimbabweans have to wait for bond notes until October
IMF to assess impact of introducing bond notes in Zimbabwe
UK says bond notes could be damaging to confidence in Zimbabwe economy
Zimbabwean company says “bond notes” are adding to uncertainty
Chinamasa says Zimbabwe will not be a “fishing pond” for US dollars
Zimbabwe hires German firm to print bond notes
Zimbabwe’s bumpy, costly road to a cashless future
The government’s hidden hand in Zimbabwe’s cash crisis
Chinotimba says give people bond coins if they do not like bond notes
Chinamasa tells Parliament that bond notes are above board
Zimbabwe says it needs bond notes because “we are feeding looters”
Zimbabwe scraps plans to convert export earnings into rand, euro
Tsvangirai calls emergency national executive meeting Thursday to decide way forward on bond notes
It’s a stimulus package- Mangudya says
Tsvangirai to convene his cabinet tomorrow to discuss proposed bond notes
Bond notes -a legal perspective
Zimbabwe stems illicit outflows
Cash shortages – the real causes and the wrong diagnosis
New bond notes-key questions answered
Mangudya full statement on the introduction of bond notes
Highlights of RBZ intervention on cash shortages
MDC says Mugabe is bringing back Zimbabwe dollar through the back door
Zimbabwe to introduce bond notes as cash shortages bite
(65 VIEWS)
This post was last modified on November 26, 2016 8:14 am
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…
