General

Amid protest; Zimbabwe Reserve Bank forge ahead with release of “Bond Notes” as substitute for cash.

Some protesters were even seen smoking the local currency as a mark of their frustration and resentment against the plan.

The Zimbabwe bank note is expected to go into circulation in October, and it would be at par with the US Dollar.

The Governor of the Reserve Bank of Zimbabwe, JOHN MANGUDYA, said it is expected that by the end of the year, seventy-five million dollars of the Bank Notes would be in the market.

The delay in the launch of the notes has forced the government to delay paying salaries each month to civil servants and those in the security forces.

This is because the salaries have to be paid in foreign currency, after Zimbabwe abandoned its own currency in 2009 in order to check runaway inflation.

 

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