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New banknotes introduced

Publish date: 04 November 2019
Issue Number: 848
Diary: IBA Legalbrief Africa
Category: Zimbabwe

The government will introduce new dollar banknotes and coins this month as it continues to grapple with cash challenges. That’s according to Central Bank governor John Mangudya who said new Z$2 and Z$5 notes and new Z$2 bond coins would be released. A report on the Fin24 site notes that only Z$5 and Z$2 bond notes are currently in circulation, in addition to bond coins. Between 2009 and February this year, Zimbabwe used a multicurrency system with the US dollar as the its main currency. In 2016, it introduced bond notes and coins which, although not currency by law, were used for local transactions and traded at par with the US dollar. This system was abandoned in February after the value of bond notes plunged to trade at a huge discount to the greenback on the parallel market.

Full report on the Fin24 site