Author Topic: Zimbabwe  (Read 5260 times)

0 Members and 1 Guest are viewing this topic.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 18 389
Re: Zimbabwe
« Reply #15 on: December 18, 2014, 07:26:21 PM »
The Zimbabwean dollar was effectively abandoned as an official currency on 12 April 2009. As of December, Zimbabwe is issuing bond coins in denomination of cents, at par with US cents. The US dollar is one of several foreign currencies used in Zimbabwe.
« Last Edit: June 30, 2017, 06:51:03 PM by <k> »

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 1 812
Re: Zimbabwe
« Reply #16 on: March 28, 2015, 09:49:16 AM »
50 cent bond coins will be issued on 31st March

See

https://www.newsday.co.zw/2015/03/27/rbz-introduces-50c-bond-coins/
« Last Edit: June 03, 2015, 08:04:01 PM by <k> »

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 1 812
Re: Zimbabwe
« Reply #17 on: August 12, 2015, 10:00:16 AM »
More bond coins to come

$9m bond coins now in circulation
11th ⁄ August ⁄ 2015

The Reserve Bank of Zimbabwe (RBZ) says bond coins valued at $9 million have since been collected for distribution by various banks to date, representing a 90 percent uptake for the special money.

RBZ introduced the bond coins in December last year to provide smaller denominations for the multi-currency regime and correct the pricing for goods and services in the country.

In an interview, RBZ Deputy Governor Dr Charity Dhliwayo said the central bank is now considering minting a second tranche of the special coins due to their popularity.

“Bond coins valued at $9 million have since been collected from the Reserve Bank for distribution. The coins are now very, very popular; everyone is now using bond coins. I believe the demand will continue to grow, we are now contemplating minting a second tranche of coins,” she said.

The bond coins are part of the $50 million facility that RBZ arranged for the purpose of providing the coins with intrinsic value. The bond coins are in denominations of 1c, 5c, 10c, 25c and 50c.

The initial amount of $10 million coins translates to just below 2 percent of total bank deposits. Under normal circumstances, the proportion of coins to money in circulation in an economy is between 20 and 25 percent.

However, due to the fact that Zimbabwe is using multiple currencies, the bond coins are expected to remain below 10 percent of total bank deposits.

The lack of coins in the economy had contributed to the overpricing of commodities and forced consumers to overspend as a result of the lack of change. The coins have since assisted in the restoration of proper pricing models and alleviation of problems associated with lack of change, issuance of change vouchers and change in the form of unwanted goods.

Meanwhile, local banks have so far converted $4 million worth of old Zimbabwean dollar notes under the Government’s demonetisation programme which commenced on June 15 this year, latest figures show.

Under the programme, whose aim is to remove the legal status of the Zimbabwean dollar currency and runs till September 30, Government has set aside a budget of $20 million.

The local currency ceased to be legal tender when the country adopted use of multi-currencies in 2009 to tame runaway inflation that had ravaged its value. — Wires.

The Zimbabwe Daily
« Last Edit: August 13, 2015, 11:26:40 AM by Figleaf »

Offline Pabitra

  • Honorary Member
  • *****
  • Posts: 1 812
Re: Zimbabwe
« Reply #18 on: October 30, 2015, 02:20:31 PM »
Zimbabwe might issue second tranche of bond coins

See

http://www.theindependent.co.zw/2015/10/30/central-bank-mulls-more-bond-coins/


Although the 50 Cent Bond coins were issued in Mar 2015 but they bear 2014 on reverse(?) since the bond fund for them was created in 2014.

If the bond fund is created in 2015 or 2016, will bond coins have new design, new KM# or just the old design with new year?

Offline eurocoin

  • Indexer
  • Honorary Member
  • *****
  • Posts: 2 453
Re: Zimbabwe
« Reply #19 on: November 24, 2015, 07:11:04 PM »
There will be no 2015-dated series of bond coins for Zimbabwe. There will be a 2016-dated series of bond coins. The 2016-dated bond coins won't have different designs. These coins will also be minted at the South African Mint.

Offline giladzuc

  • Member
  • **
  • Posts: 51
    • GILAD ZUCKERMAN COINS COLLECTION - KUMPULAN MATA-MATA UANG
Re: Zimbabwe
« Reply #20 on: October 13, 2017, 05:06:51 PM »
1 , 5 , 10 , 25 , 50 BOND CENTS ARE LISTED HERE :

http://giladzuckerman.webs.com/mercuguinness.html#ZIMBABWE

Another coin is 1 Bond Dollar which is a bimetallic coin which I do not have.

I am sorry for the quality of the picture , because of a weak  camera .
« Last Edit: November 08, 2017, 07:09:27 PM by giladzuc »

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 18 389

Offline Bimat

  • आदित्य
  • Global Moderator
  • Honorary Member
  • *****
  • Posts: 11 047
  • Mumbai, India.
Zimbabwe
« Reply #22 on: September 13, 2018, 03:41:05 PM »
Zimbabwe’s new finance minister considering scrapping bond notes, what you need to know…

By Reuters
September 10, 2018

HARARE (Reuters) – Zimbabwe’s new Finance Minister Mthuli Ncube may scrap the quasi currency bond note and liberalise exchange controls as part of reforms he plans to implement by end of this year, a state-owned weekly newspaper reported on Sunday.

The southern African nation, which dumped its currency in favour of the U.S. dollar in 2009 following years of hyperinflation, introduced bond notes in November 2016 in a bid to ease acute shortages of cash. The shortages have, however worsened while a black market continues to thrive.

The notes are backed by U.S. dollars loaned to the government by the African Export and Import Bank, and can be used like cash.

Officially, they are pegged to the dollar at a rate of 1:1, but on the street $1 fetches up to 1.50 in bond notes.

“I am very clear that there have to be currency reforms and the current currency approach is not working,” Ncube told the government-owned Sunday Mail.

He said he would explore three options: either Zimbabwe joins the South African rand union; uses only the U.S. dollar while removing bond notes from circulation, or reintroduces the Zimbabwean dollar.

Ncube however said a local currency would only be introduced when the country has enough foreign reserves and achieves macro-economic stability. Zimbabwe currently has two weeks import cover, according to central bank data.

Ncube, a former senior executive with the African Development Bank, was appointed by President Emmerson Mnangagwa on Friday and is expected to lead Zimbabwe’s economic recovery programme.

He was not immediately available to comment when Reuters tried to contact him.

A dwindling supply of cash dollars has led to banks limiting daily withdrawals to as little as $30 in bond notes. Companies are struggling to pay for imports and foreign investors cannot repatriate dividends or profits.

There are $350 million worth of bond notes in circulation, according to latest central bank figures.

Reporting by MacDonald Dzirutwe; Editing by Kirsten Donovan

Source: CNBC Africa
You don't need a parachute to skydive. You need a parachute to skydive twice.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 27 080
Re: Zimbabwe
« Reply #23 on: September 13, 2018, 06:16:52 PM »
The first step is to get Mugabe out of the picture without a hope of ever returning and get rid of all his cronies. Dissolve the army if necessary. Who's the enemy anyway?

The second step is to invite the Bundesbank to take over the Zim central bank. Ask the IMF if you are feeling less masochistic. Remember that a currency is a tool only and its present situation is a symptom, not a cause.

The third step is to bring back an agriculture surplus. Zimbabwe is a very fertile country. All it takes is efficient farming to get the country back on its feet. The rest will be automatic.

None of the above will happen. Obviously.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.