BREAKING: Zim cbank says ‘bond notes’ start circulating end of October

BREAKING: Zim cbank says ‘bond notes’ start circulating end of October

HARARE, Sept 15 (The Source) – Zimbabwe’s central bank will introduce bond notes, a token currency which will circulate within a basket of multiple currencies, at the end of October with $75 million worth of the notes expected to be in circulation by the end of the year, the central bank governor announced on Thursday.

Presenting his mid-term monetary policy statement in Harare, governor John Mangudya said the Bank will start with $2 and $5 notes.

The central bank plans to introduce the bond notes in a bid to ease a shortage of bank notes blamed on a widening trade gap and the smuggling out of physical US dollars, Zimbabwe’s adopted currency since it dumped its inflation-ravaged currency in 2009.

More details of the RBZ monetary policy to follow.