Zimbabwe dollar to replace Bond Notes; RBZ

The soon to come Bond Notes will never go away until a time when the country will print it’s on currency(Zimbabwe dollars), the Reserve Bank of Zimbabwe (RBZ) has said.

There are many fears and concerns surrounding the new currency as people do not know yet how far the bond notes will go after official launch.

The reserve bank has now made it clear that the bond notes are the first step towards re-establishing the Zimbabwe dollar.

The RBZ also said the bond notes were not a currency but a financial instrument providing a contractual right to receive or deliver cash.

“Bond notes are not a surrogate Zimbabwe dollar for they are not currency but a financial instrument, issued at par with the US Dollar. Bond notes will operate in the same manner that the Bond coins have been operating,” the central bank said.

“Bond notes will exchange at the same value as the US Dollar. When the RBZ introduced the Bond coins for the purpose of change in 2014, many have been sceptical that they will not maintain their value, which they have done.”

The RBZ said the bond notes were redeemable at any bank in exchange for other multi-currencies currently in use in the economy, namely the US Dollar, South Africa Rand, the Euro, Japanese Yen, Australian dollar, Chinese Yuan, Botswana Pula and Indian Rupee.