Banks give clients 10 cent bond coins as cash crisis worsens

Posted by Maveriq

The cash crisis seems to be getting worse after some Banks in Bulawayo seemingly ran out of bond notes and resorted to giving clients 10 cent bond coins. The banks started disbursing 50 cent coins a few weeks ago but the situation seems to be getting worse.

Due to the cash shortages, the Reserve Bank of Zimbabwe recently directed all shops to give out a maximum of only $20 as cash back. The Reserve Bank also announced said that there is adequate cash in circulation and it will not be releasing more bond notes into the system until Zimbabweans develop fiscal discipline.

Picture Credit: @Zenzele

 

Bond NotesBond Coins

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

Bond coins are a currency of coins backed by a bond that were introduced by the Reserve Bank of Zimbabwe (RBZ) in December 2014 and in March 2015 respectively with the aim of easing transaction change problems. The bond coins were denominated in 1 cent,... Read More About Bond Coins

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