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Mangudya – New Currency Coming In Two Weeks

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Bond coins

The RBZ Governor, Dr John Mangudya is said to have confirmed that notes backing Zimbabwe’s new currency will go into circulation in a fortnight earlier today.

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The new currency will not be called bond. It’ll just be called dollars and will be 1:1 with the bond notes. We are going to increase cash supply over the next six months and coupled with this, we are also reviewing withdrawal limits up. We already have bond notes and coins in circulation, but we will now have bond coins of two dollars of currency in circulation.

Dr Mangudya

In keeping with the central bank’s confusing messaging the Governor said the new currency will not be called bond notes before going on to say they are introducing bond coins with a two-dollar denomination.

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Other sites are claiming that the denominations to be introduced in a fortnight will include a new $5 note as well – different to the one already in circulation. What’s key to note is that the new notes will be equal to existing bond notes and coins and interchangeable.

The introduction of a new currency is in line with the RBZ’s desire to make cash more available and remove the premium on cash which has seen people selling cash. To assist with this withdrawal limits will be raised:

The Committee also noted the need to review upwards the cash withdrawal limits to ease the burden on the transacting public. This additional cash injection will be carried out through the non-inflationary exchange of RTGS money for physical cash.

RBZ PRESS STATEMENT ON THE DELIBERATIONS OF THE MONETARY POLICY COMMITTEE

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12 thoughts on “Mangudya – New Currency Coming In Two Weeks

  1. What is the point of this new currency if it’s going to be weak as the bond really, this won’t change anything including forex dealing in the streets but increase inflation rate since it’s been declared that civil servants are getting an increase, as we all know that an increase in the civil service salaries changes all the prices of everything in zim….

  2. Mahumbwe as usual. RBZ rubbished this move when it was first leaked to the press. Now it’s official we will have a nameless currency at par with the bond. What are these people smoking? “Masanction here ave kupengesa vatungamiri?

  3. “… review upwards the cash withdrawal limits …”
    The financial crisis that has dogged the Zim economy for years now continues unabatted. Clear sign that authorities are “lost at sea”. Yet monetary policy committee ( ie Eddie Cross et al) ,claim that “our fundamentals are solid”. How does existence of a cronic cash availability problem add up to solid fundamentals, hell, 1+1 may as well be 11.

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