Zimbabwean bonds

Last updated
Zimbabwean bonds
ZimbabweUSD1.jpg
Zimbabwe 1-dollar bond coin
ISO 4217
Codenone
Unit
Symbol $ ‎
Denominations
Subunit
 1⁄100 cent
Banknotes $2, $5
Coins1¢, 5¢, 10¢, 25¢, 50¢, $1, $2
Demographics
User(s)Flag of Zimbabwe.svg Zimbabwe
Issuance
Central bank Reserve Bank of Zimbabwe
Valuation
Pegged by Flag of the United States.svg U.S. Dollar
This infobox shows the latest status before this currency was rendered obsolete.

Zimbabwean Bonds were a form of legal tender near money released by the Reserve Bank of Zimbabwe which attempts to resolve Zimbabwe's lack of currency. Bonds were pegged against the U.S. dollar at a 1:1 fixed exchange rate and backed by the country's reserve. Since abandoning the Zimbabwean dollar in 2009 after it went into hyperinflation the country began using a number of foreign currencies including the U.S. dollar, South African rand, British pound and Chinese yuan as a means of exchange. The inability to print these currencies led to a shortage of money with banks issuing limits on withdrawals.

Contents

Coins

On 18 December 2014 the Reserve Bank of Zimbabwe began issuing so-called 'bond coins' which were supported by a US$50 million facility extended to the Reserve Bank of Zimbabwe by Afreximbank (the African Export–Import Bank). [1] Pegged against the U.S. dollar coins were denominated at 1, 5, 10, and 25 cents and later followed by a 50-cent coin in 2015. [2] A bi-metallic one-dollar bond coin was released on 28 November 2016. [3] A bi-metallic two-dollar bond coin was released into circulation in 2018.

in 2024, the Zimbabwean ZiG was introduced and replaced the Zimbabwean dollar.

Notes

In November 2016 backed by a US$200 million Afreximbank loan, the Reserve Bank of Zimbabwe began issuing $2 bond notes. [4] Two months later US$15 million worth of new $5 bond notes were also released. [5] Further plans for $10 and $20 bond notes were ruled out by the central bank's governor, John Mangudya. [6]

References

  1. ↑ Staff Reporter. "RBZ says bond notes launch Monday". New Zimbabwe. Retrieved 1 May 2017.[ permanent dead link ]
  2. ↑ "Zimbabweans suspicious of new 'bond coins'". Times Live. Johannesburg, South Africa: Times Media Group. 22 December 2014. Retrieved 1 May 2017.
  3. ↑ "Bond notes finally out | The Herald". www.herald.co.zw. Retrieved 1 May 2017.
  4. ↑ Crabtree, Justina (28 November 2016). "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC . Retrieved 1 May 2017.
  5. ↑ Rahman Alfa Shaban, Abdur (3 February 2017). "Zimbabwe introduces fresh $5 bond notes to ease cash crunch". Africa News. Retrieved 1 May 2017.
  6. ↑ "RBZ rules out $10, $20 bond notes". News24. Archived from the original on 5 March 2017. Retrieved 1 May 2017.
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