According to a Bloomberg report, Finance Minister, Mthuli Ncube will soon replace bond notes and coins with new paper notes and coins. Dont freak out, it’s not another currency that’s being introduced again but it’s just a matter of using money that’s is not written “bond note” or “bond coin”.
The new paper notes will be the final act that signify a full return to Zimbabwe Dollar and Zimbabwe having it’s own exchangeable currency. Bloomberg’s report said:
Zimbabwe will issue new notes and coins soon to replace the country’s quasi currency that was introduced three years ago in a failed attempt to counter a crippling shortage of cash and that’s pushed inflation to the highest rate since 2008.
“We already have our own local currency, but this will be the first Zimbabwe dollar notes which will trade at parity to the bond notes,” Ncube said.
But for the introduction of the new notes to be possible, the report goes on to say that Mthuli Ncube first needs “to compile data on the country’s reserves before commenting on how much foreign exchange would be used to back the new currency”.
Let’s and see if the Finance Minister will do this in December when he presents the 2020 National Budget Statement.