New Zimbabwe Currency/Bonds? - Coin Community Forum

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Author	Replies: 1 / Views: 1,737
CelticKnot Bedrock of the Community United States 12813 Posts	Posted 05/16/2016 10:57 pm Apparently there is a shortage of physical cash in Zimbabwe, which may result in the creation of Bonds that are "at par with" the USD: http://www.banknotenews.com/files/6...baf-3903.php There is mention of "Bond Currency" in Section 13 (pages 5&6) and Section 31.iii (page 11) of the following press release: http://www.rbz.co.zw/assets/press-s...may-2016.pdf From Section 13: Quote: The Reserve Bank has established a USD200 million foreign exchange and export incentive facility which is supported by the African Export-Import Bank (Afreximbank) to provide cushion on the high demand for foreign exchange and to provide an incentive facility of 5% on all foreign exchange receipts, including tobacco and gold sale proceeds. In order to mitigate against possible abuses of this facility through capital flight, this facility shall be granted to qualifying foreign exchange earners in bond coins and notes which shall continue to operate alongside the currencies within the multi-currency system and at par with the USD. The Zimbabwe Bond Notes of denominations of $2, $5, $10 and $20 shall, therefore be introduced in future, as an extension of the current family of bond coins for ease of portability in view of the size of the USD200 million backed facility. Interesting! However, based on the very reason of why they'd produce such bonds, they'd probably be pretty difficult to get a hold of. Edited by CelticKnot 05/16/2016 10:59 pm Report this Post to the Staff

Sap Moderator Australia 16808 Posts	Posted 05/17/2016 06:46 am The "bond coins" were originally quite mysterious when they were first launched in 2014, but you can now obtain them quite easily on ebay and elsewhere. I've just now bought a set off ebay for US$12. I would presume any notes made would be the same: initally impossible to obtain or even find images of, but the market will be flooded with them within the year. For the same reason, too, no doubt: the Zimbabwean public simply don't trust their own government anymore when it comes to printing money. The coins were and are unpopular, widely condemned as an attempt to reintroduce a local monetary system by stealth. A note issue will simply be proof of this. Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis Report this Post to the Staff
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