Zimbabwe: Cash Crisis - RBZ to Unveil Bond Notes

The Reserve Bank of Zimbabwe is set to introduce bond notes to curb money flowing out of the country, while measures have been put in place to promote the widespread use of multi-currencies to arrest the obtaining cash shortages. The bond notes, just like coins that were introduced in 2014, will be backed by the $200 million Afreximbank nostro-support facility which is expected to provide a cushion on the high demand for foreign exchange.

RBZ Governor Dr John Mangudya did not provide a date when the notes will be introduced, saying "it is not an overnight process," as they are currently at design stage. "We are still working on a design, which will be sent for printing outside the country. The notes will not be introduced immediately but probably within the next two months."

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