THEY ARE HERE
THE Reserve Bank of Zimbabwe (RBZ) is set to release bond notes into the market today in a move that is set to stimulate economic growth and ease cash shortages.
RBZ Governor Dr John Mangudya said the bond notes were being released through normal banking channels in small denominations of $2 and $5 to fund export incentives of up to five percent which will be paid to exporters of goods and services and diaspora remittances.
The RBZ will release bond notes worth $10 million into the market starting today with the withdrawal limits set at $50 per day and $150 weekly.
The notes will be pegged at 1:1 against the US dollar.
A new $1 bond coin has also been introduced.
The $2 bond note is green and has images of balancing rocks on one side and the independence flame on the other.
The purple $5 bond note has balancing rocks and three giraffes.
Security features on both notes include a Zimbabwe bird watermark, see-through perfect register, tactile marks for the visually — impaired, security thread, alpha-numeric lettering and optically variable ink.
The chairperson of the Parliamentary Committee on Finance and Economic Development, Cde David Chapfika, said bonds notes would help stimulate the growth of the economy through increased export earnings.
It is also envisaged that the bond notes will help ease the prevailing cash shortages the country has been experiencing since April this year.
Cde Chapfika, a former Deputy Minister in the Ministry of Finance, urged Zimbabweans to embrace the bond notes despite negativity by some sections of society and opposition parties.
“The bond notes will promote exports and help boost the economy as well as stabilise the supply of money on the market. Exporters will not necessarily use the bond notes, but they will be credited into their accounts exchangeable at par value with the United States dollar,” he said.
Cde Chapfika said the bond notes would operate in the same manner as the bond coins.
“For instance, a retailer will order cash from his or her bank and get it in a mixture