http://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / South African News RSS ← Back
United States|Zimbabwe|Bank Accounts|Robert Mugabe|The Herald
|||
united-states|zimbabwe|bank-accounts|robert-mugabe|the-herald-published-medium
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Verification Image. Please refresh the page if you cannot see this image.

Sponsored by

Close

Article Enquiry

Zimbabwe 'to roll out 10, 20 bond notes'

Verification Image. Please refresh the page if you cannot see this image.
Close

Embed Video

Zimbabwe 'to roll out 10, 20 bond notes'

17th February 2017

By: News24Wire

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

Less than two weeks after President Robert Mugabe's government unexpectedly introduced 5 US "bond notes", a state-controlled newspaper says notes in denominations of 10 and 20 are likely to be introduced too.

Said the Herald in a line buried in a news piece in the Crime and Courts section on Wednesday: "Government is... expected to gradually roll out the $10 and $20 notes."

Advertisement

The bond notes were first introduced in denominations of 1 and 2 at the end of November, ostensibly to ease a cash shortage by stopping the externalisation of hard cash. The notes have no value outside the country - but they are also causing havoc within Zimbabwe, where it's quickly becoming clear they are not interchangeable with the US, as the government insists they are.

Some shops are already offering discount to customers paying with hard cash, while forex merchants sell US at a 20 to 30% premium to those unable to withdraw it from their bank accounts, News24 has learnt.

Advertisement

Many Zimbabweans fear the bond notes will go the same way as the Zimbabwe dollar bearer cheques of the pre-2009 era: introduced in ever-increasing denominations only to quickly become worthless. A 100-trillion dollar banknote was issued in early 2009.

Before the bond notes were issued, the authorities said no-one would have more than 19 US dollars worth of them in their purses or wallets. It's clear now that that promise will not be kept, if bond notes in denominations of 20 are to be brought in.

Although, of course, if the real value of the bond notes slips significantly, then 20 bond notes will be worth nothing near 19 US.

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now