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.
17 comments
Seems an unpushable stun
Well done long overdue
The introduction of the currency is not the issue but production must resume first then currency will be valuable automatically. With no production on the ground, its a waste cause inflation will erode the new currency within a short space of time. The supplementary was higher than the original budget, thats abnormal just highlight something simple.
is it going to change anything?
Will this change anything on the ground? Or, does government want go to Afreximbank to redeem the bond notes at 1:1 to the USD 🤣
good move if surported by us as business community
Some times I wonder if people who comment attended school!! Basic common sense tells you sort out your Eskom bill before spending millions printing notes that will not have value on the International platform until there is a 100% turn around in this country.
“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 witten “bond note” or “bond coin”.”
Who can find ALL the grammar and spelling mistakes in this one sentence above?
personally from a layman’s point of view using the basic principle of supply and demand, i think we need to have goods and services for the international market first before we even think about our currency. i believe the demand for our goods and services will give our currency value because people from other countries will have to buy the Zimdollar from the international money exchange market i.e demand and when demand surpasses the supply the price for our currency rises automatically. however with the current situation prevailing in the country, (our production levels cannot even meet the national demand) i do not think it is even appropriate to be dreaming about a local currency because we do not have the basis to support the currency. we should focus on opening companies and increasing production. for example if we had kept the multi currency system and the money which is being channeled to ZUPCO was directed to opening say ZIMGLASS that would have brought the country back on the glass production map in the world. instead of using all the money on cushion for the civil servants plus some which is being used for international trips we open up ZIMALLOYS that Is a step up into a new Zimbabwe from the profits of those companies start reconditioning ZISCO STEEL. then cut on the expenditure for MPs those guys stay in hotels why not find a house (government owned). now open David whitehead now exports from these companies will bring ZIM back on the map. Now people will say what about power shortages? simple build a power plant for the people by the people. with such hard work and commitment i personally believe if the government sales investment bonds with 5 year tenure and 15% interest to its citizens we can build an effective solar plant we have guys like masiyiwa, sunders, just to name a few even the man himself ED can also buy those bonds. PLEASE PARDON ME THIS IS A LAYMAN’S POINT OF VIEW
It Is a good move if we all support the government move.
Jecha racho ririkudirwa nevamwe vatisinga fungiri I iwe.
I think we need everything both new currency and production but to back up our economy surely production comes first and certainly our dollars will be strong regardless what ever currency we are using
I think we need everything both new currency and production but to back up our economy surely production comes first and certainly our dollar will be strong regardless what ever currency we are using
🇿🇼 Fvked to the bone, backing up a new currency system with confidents forex reserves and limited production,, wrong timing,, ncube,, the only short termism move was to adopt rand and attract meaning trade from all social classes not this measure of zim dollar which is to protect the interests of the ellite
🇿🇼 Fvked to the bone, backing up a new currency system with confidents forex reserves and limited production,, wrong timing,, ncube,, the only short termism move was to adopt rand and attract meaning trade from all social classes not this measure of zim dollar which is to protect the interests of the ellite
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