In his presidential decree to pave way for the Bond Notes, President Robert Mugabe said that Bond Notes “shall be legal tender in all transactions in Zimbabwe”. Previously he had referred to the Bond Notes as a surrogate currency. Effectively, the Bond Notes will just be like the U.S. dollar, British sterling pound and South African rand, which are also used in the country.
Says the decree:
His Excellency the President, in terms of section 2 of the Presidential Powers (Temporary Measures) [Chapter 10:20], hereby makes the following regulations…
The Minister may by notice in statutory instrument prescribe that a tender of payment of bond notes and coins issued by the Bank that are exchangeable at par value with very specified currency other than Zimbabwean currency prescribed es legal tender for the purposes of section 44A shall be legal tender in all transactions in Zimbabwe to the same extent as that prescribed currency.