Zimbabwe Bond Notes to be phased out by RBZ on 1 November 2018…Online Report

zimbabwe introduces bond notes money and sets new cash withdrawal limits

There is an undated message circulating suggesting that Zimbabwe’s Bond Notes money will be rested next month.

See message below:

Reports coming from RBZ are saying the bank is targeting high transacting personal accounts with all local banks. The bank intends to pull out data for all high volume and frequently transacting personal accounts suspected in using the ZIPIT facility to ‘burn’ money on the black market. These account holders will be questioned and asked to justify the deposits or frequent transfers with receipts,invoices,tax returns and bank statements. Failure of which the accounts will be frozen. Zimswitch has already provided the requested data to the central bank for USSD,Web based and POS transactions.

Bond notes to be demonitised (phased out) on 1 November 2018. The central bank is going to outline a plan to float the RTGS to US$ exchange rate to allow corporates,fund recipients and exporters to fund their FCA accounts. Once floated, the central bank will adopt a favourable rate to pay off or settle RTGS balances to local holders of TBs and demonitise Bond Notes on 1 November 2018.

source online