The RBZ began to release Zimbabwean Bond Coins on December 18, 2014. The coins are denominated at 1, 5, 10, and 25 cents and are pegged to the corresponding values in United States currency. A 50 cent Bond Coin was finally released in March 2015.
The coins are said to be used as a remedy to lack of small change resulting from the absence of a solid seignior-age contract with the USA, South Africa or any of several other countries whose currencies, including the U.S dollar and the Euro are being used in the multi-currency regime that arose in 2009, when Zimbabwe abandoned its own currency in response to several cycles of hyperinflation.
The country's economy being too frail and small to pay the interest which would come with a
seignior-age contract, the country chose instead to implement a
multi-currency environment based on the US dollar. However, this
arrangement has meant a shortage of small change in coins.
Public reaction to the Bond Coins has been extremely skeptical, with
widespread fear that they are the government's first step to
reintroducing an unreliable Zimbabwean dollar. John Mangudya, the Governor of the Reserve Bank of Zimbabwe has denied that the Zimbabwean dollar is being reintroduced.
With that said lets get to today's business. Boarded a kombi to work morning and paid with 1USD and was given a fifty cent bond coin only to realise it was fake and I thought of sharing the pictures and make you aware of whats happening around Harare.
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| the original bond coin on the left and the fake one on the right (Picture by Michelle Mulingo) |
https://www.newsday.co.zw/2016/05/10/bond-notesbond-coins-bond-james-bond-whatever/
http://www.thezimbabwean.co/2016/05/rbz-bond-notes-what-you-must-know/
https://www.dailynews.co.zw/articles/2014/12/06/rbz-unveils-bond-coins
https://www.thedailyvox.co.za/invisible-money-zimbabwes-new-bond-coins/
http://www.bbc.com/news/world-africa-30554000
http://www.reuters.com/article/us-zimbabwe-coins-idUSKBN0KH0DZ20150108
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