Zimbabwean bonds: Difference between revisions
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'''Zimbabwean Bonds''' are a form of [[near money]] released by [[Reserve Bank of Zimbabwe]] which attempts to resolve Zimbabwe's lack of currency. Bonds are pegged against the [[U.S. dollar]] at a 1:1 fixed exchange rate and backed by the country's reserve. |
'''Zimbabwean Bonds''' are a form of [[legal tender]] [[near money]] released by [[Reserve Bank of Zimbabwe]] which attempts to resolve Zimbabwe's lack of currency. Bonds are pegged against the [[U.S. dollar]] at a 1:1 fixed exchange rate and backed by the country's reserve. |
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Similar in denomination to the U.S dollar bonds include 1¢, 5¢, 10¢, 50¢ and $1 dollar coins as well as $2 and $5 bond notes. |
Similar in denomination to the U.S dollar bonds include 1¢, 5¢, 10¢, 50¢ and $1 dollar coins as well as $2 and $5 bond notes. |
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Revision as of 11:07, 6 May 2017
 | It has been suggested that Zimbabwean bond coins be merged into this article. (Discuss) Proposed since May 2017. |
 Zimbabwe 1 Dollar Coin | |
| Unit | |
|---|---|
| Symbol | $ |
| Denominations | |
| Subunit | |
| 1/100 | cent |
| Banknotes | $2, $5, |
| Coins | 1¢, 5¢, 10¢, 25¢, 50¢, $1 |
| Demographics | |
| User(s) |  Zimbabwe) |
| Issuance | |
| Central bank | Reserve Bank of Zimbabwe |
| Valuation | |
| Pegged by |  U.S. Dollar |
Zimbabwean Bonds are a form of legal tender near money released by Reserve Bank of Zimbabwe which attempts to resolve Zimbabwe's lack of currency. Bonds are pegged against the U.S. dollar at a 1:1 fixed exchange rate and backed by the country's reserve.
Similar in denomination to the U.S dollar bonds include 1¢, 5¢, 10¢, 50¢ and $1 dollar coins as well as $2 and $5 bond notes.
History
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.
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 Afrexim 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 bimetallic 1 Dollar bond coin was released on 28 November 2016[3]
In November 2016 backed by a US$200 million African export-import bank loan the Reserve Bank of Zimbabwe began issuing $2 bond notes'.[4] Two months later US$15 million worth of new 5 dollar bond note were also released.[5] Further plans for a $10 and $20 notes were ruled out by the central bank's governor John Mangudya.[6]
Coins
| Denomination | Obverse | Reverse | Weight | Diameter | Material | Ref. |
|---|---|---|---|---|---|---|
| 1 Cent | RBZ in various positions with coin date centered | Enclosed in circle with "1" surrounded by "ONE CENT BOND COIN" | 2.45 g | 17 mm | Copper-plated steel | [7] |
| 5 Cent | RBZ in various positions with coin date centered | Enclosed in circle with "5" surrounded by "FIVE CENTS BOND COIN" | 2.85 g | 18 mm | Brass-plated steel | |
| 10 Cent | RBZ in various positions with coin date centered | Enclosed in circle with "10" surrounded by "TEN CENTS BOND COIN" | 3.80 g | 20 mm | Brass-plated steel | |
| 25 Cent | RBZ in various positions with coin date centered | Enclosed in circle with "25" surrounded by "TWENTY-FIVE CENTS BOND COIN" | 4.80 g | 23 mm | Nickel-plated steel | |
| 50 Cent | RBZ in various positions with coin date centered | Enclosed in circle with "50" surrounded by "FIFTY CENTS BOND COIN" | 6.00 g | 25 mm | Nickel-plated steel | |
| 1 Dollar | RBZ in various positions with coin date centered | Enclosed in circle with "1$" surrounded by "ONE DOLLAR BOND COIN" |
Notes
| Color | Front Design | Back Design | Ref. | |
|---|---|---|---|---|
| $2 | Green | Chiremba balancing rocks in Epworth | Eternal Flame of Independence monument and Parliament House in Harare | [8] |
| $5 | Purple | Epworth Balancing Rocks | Three giraffes next to trees |
References
- ^ Staff Reporter. "RBZ says bond notes launch Monday". New Zimbabwe. Retrieved 1 May 2017.
- ^ "Zimbabweans suspicious of new 'bond coins'". Times Live. Johannesburg, South Africa: Times Media Group. 22 December 2014. Retrieved 1 May 2017.
- ^ "Bond notes finally out | The Herald". www.herald.co.zw. Retrieved 1 May 2017.
- ^ Crabtree, Justina. "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 1 May 2017.
- ^ Rahman Alfa Shaban, Abdur. "Zimbabwe introduces fresh $5 bond notes to ease cash crunch". Africa News. Retrieved 1 May 2017.
- ^ "RBZ rules out $10, $20 bond notes". News24. Retrieved 1 May 2017.
- ^ Michael, Thomas (2016). 2017 Standard Catalog of World Coins, 2001-Date. Krause Publications. p. 1392. ISBN 978-1440246555.
- ^ "Zimbabwe new 5-dollar bond note (B191) confirmed". banknotenews.com. Retrieved 1 May 2017.
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