Zimbabwe’s central bank will introduce bond notes, a token currency which will circulate within a basket of multiple currencies, at the end of October with $75 million worth of the notes expected to be in circulation by the end of the year, Central Bank governor John Mangudya said today.
Presenting his mid-term monetary policy statement, Mangudya said the Bank will start with $2 and $5 notes.
The central bank plans to introduce the bond notes in a bid to ease a shortage of bank notes blamed on a widening trade gap and the smuggling out of physical US dollars, Zimbabwe’s adopted currency since it dumped its inflation-ravaged currency in 2009.
There has been stiff resistance to the introduction of the notes with some viewing the move as the bringing back of the Zimbabwe dollar through the back door.- The Source/Ed
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