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New Zim coins now in circulation

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ZIMBABWEAN banks have already started circulating the Reserve Bank of Zimbabwe’s (RBZ’s) imported bond coins, in a move expected to ease the problem of small change that has been bedevilling the economy since the advent of the multi-currency regime in 2009.

RBZ governor John Mangudya is on record saying the coins are a good store of value and do not signal the return of the local currency.

A total of $20m worth of bond coins will be imported alongside R20m worth of rand coins to augment existing stock.

The coins will be distributed by RBZ through normal banking channels in denominations of 1c, 5c, 10c and 25c, while the 50c coin will be introduced later.

RBZ governor John Mangudya
RBZ governor John Mangudya

Similarly, South African coins of 10c, 20c, 50c, R1, R2 and R5 worth about R30m will also be imported to complement the special bond coins.

There is still fear and apprehension that the coins signal the return of the loathed Zimbabwean dollar, the local currency many associate with sad memories of the country’s economic decline which saw inflation reaching 230 million percent.

During that time the country introduced more than 50 different notes, including a Z$100 trillion note.

– Fin24

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