Zimpapers Logo

Africa Moyo – Deputy News Editor

THE Reserve Bank of Zimbabwe (RBZ) is set to introduce $2 bond coins on Monday next week, as it seeks to increase the circulation of physical cash in a bid to eliminate the extortionate premiums charged to access cash.

The coins will circulate alongside $2 bond notes.

In a statement on Monday, RBZ Governor Dr John Mangudya said: “In line with the pronouncement made in the 2019 Mid-term Monetary Policy Statement and the Press statement of 2 October 2019 to increase the level of physical cash in circulation, the Reserve Bank of Zimbabwe wishes to advise the public that with effect from 11 November 2019, it shall issue a two-dollar bond coin which will circulate alongside the two-dollar bond note.

“The two-dollar bond coin will have the following features and characteristics: (a) bi-metal with the outer rim being copper-nickel plated and the inner core being aluminium-bronze plated; (b) serrated rim profile with a groove and edge lettering; (c) inscription of the words “Two Dollar Bond Coin” and the numeral and symbol “2$” on the observe side; and (d) inscription of the letters “RBZ” and the numeral “2018” on the reverse side.”

Dr Mangudya said all bond coins and bond notes shall circulate alongside, and shall be interchangeable with the $2 and $5 banknotes issued in terms of Statutory Instrument 231 of 2019.

Monday’s statement was silent on the notes, but Dr Mangudya has indicated that specimens for the new $5 notes would be out soon after the gazetting of the Statutory Instrument by Government which okays the introduction of the notes and coins.