2016-12-01 Thu

From 28th November, Zimbabwe officially released new bond notes for circulation in denominations of $2 and $5. These notes would help fund export incentives of up to 5%, which will be paid to exporters of goods and services. Initially $2 notes worth a total of $10 million and $1 bond coins worth $2 million dollars would be released along with the features.

The use of bond notes within the multi-currency exchange system will operate like bond coins. They are valued 1:1 with the US dollar. No new accounts will be opened and the notes would be deposited into existing US dollar accounts.

Withdrawal limits of bond notes are set at a maximum of $50 per day and a maximum of $150 per week. This is to encourage cashless transactions and to avoid abuse of bond notes.

The Retailers Association of Zimbabwe, fuel companies, business associations and the Consumer Council of Zimbabwe will all be using the bond notes as the official medium of exchange.

Strict action would be taken against people indulging in malpractices like hoarding, defacing, disfiguring etc.