We have just received more information on Bond Notes and their expected arrival date of Monday, 28 November 2016. It seems as though banks have already received the much anticipated “local currency” and will start dishing them out to the public come Monday, just in time to pay out public and private sector salaries.
The communication read:
Branches are advised that RBZ has introduced new bond notes and coins to be used with effect from Monday 28th November 2016. [Bank Name withheld]’s central cash department will dispatch these new notes and coins on Monday 28th November 2016.
After receiving the bond notes and coins Branches should follow all the laid down procedure of receiving cash from head office (both on the cashier systems and physically). Branches should also have additional columns on the cash register to record the received bond notes denominations.
Branches should then hold on to the received notes until further instructions for operational modalities.
Posters with features of the Bond Notes shall also be dispatched together with new notes.
The new notes and coins comprise of 5 bond note (equivalent to USD 5), 2 bond note (equivalent to USD2) and 1 bond coin (equivalent to USD1). However, the initial distribution will be composed of 2 bond note and 1 bond coin.
What will you do if you get your next salary in Bond Notes? Will retailers accept the new legal tender?