Bond Notes And Coins Still Legal Tender – Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has said all banknotes and coins issued by the central bank since 2016 have not expired and remain legal tender.

The RBZ introduced bond notes and coins in 2016 which it said were at par with US dollar notes and coins of similar denominations.

A few years later the RBZ reintroduced the Zimbabwe dollar, with the $2 banknote being the smallest paper denomination.

In his 2021 Mid-Term Monetary Policy Statement released on Thursday, Mangudya said all bond notes and coins as well as Zimbabwe dollar notes remain legal tender. He said:

In order to improve efficiency and convenience to the public, the Bank introduced ZW$50 banknotes into the national economy on the 7th of July 2021. All banknotes and coins issued by the Bank since 2016 remain legal tender in Zimbabwe.

The banknotes and coins have not expired and hence the behaviour by some traders to reject some of the notes in circulation to the detriment of members of the public is deplorable and an unfair way of conducting business.

That wayward behaviour is spurred by negative ulterior motives which are associated with arbitrage and the practice of not banking money.

The Bank encourages the public not to be short-changed by such traders and to report such unbecoming behaviour to the Bank or the Financial Intelligence Unit (FIU) or the Zimbabwe Republic Police for corrective action to be taken against such malpractices.

DOWNLOAD 2021 Mid-term Monetary Policy Statement

The RBZ introduced the $50 banknote on 6 July this year, in addition to $10, and $20 banknotes which were still being accepted by informal traders.

More: Pindula News

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