The Reserve Bank of Zimbabwe ordered 6,048,000 bond coins worth $3,024,000 from the South African Mint company. The bond coins ordered are in the 50c denomination and will be enough to fill 126 drums.
This information was obtained from a leaked invoice. The invoice is addressed to the Reserve Bank of Zimbabwe by South African Mint company. The same company which manufactures coins for the South African Reserve Bank.
The charge on the invoice is R5,135,296.32 which comes out to about $384,615 if an exchange rate of USD1 : R13.35 is used.
The bond coins are meant to ease the cash shortages in the country but seeing as they have failed so far we will not be holding our breaths. This batch on its own is not a big deal but the question becomes how many such batches are being ordered and how frequently?
The other question is why are the coins being manufactured in South Africa? That is $384,000 being externalised right there. Is there no company that can manufacture those coins in this country? If there isn’t, which might very well be the case, how did we get to that. What is being done to increase production in this country? What do you think about all this.
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