Zimbabwe coins to be operational December 18

THE new Zimbabwe coins were yesterday unveiled by the central bank, but will only start circulating in the country on December 18.

VICTORIA MTOMBA
BUSINESS REPORTER

Reserve Bank of Zimbabwe governor John Mangudya said the country will receive $10 million worth of bond coins between now and March which translate to 2% of total banking deposits.

Speaking at the unveiling of the coins yesterday, Mangudya said the bond coins will be issued in 1c, 5c, 10c,25c and 50c.

coins

“The 50c coins shall be released into the market in March 2015 due to the prerequisite security features needed in the design and manufacture of this coin. The initial amount to be made available is $10 million worth of bond coins to be released into the market between December and March 2015.This translates to just below 2% of total deposits,” he said.

“The bond coins shall be distributed to the public through normal banking channels and shall be in circulation starting December 18 2014.”

Mangudya said in an economy the proportion of coins to money in circulation is normally between 20-25%.

“However, due to the fact that Zimbabwe is using multiple currencies, we envisaged the bond coins to remain below 10% of total bank deposits,” he said.

Mangudya said the coins will be used together with United State dollars, rand, euros and other currencies. Their circulation will be limited to Zimbabwe.

The central bank chief said the coins have been introduced to buttress the multiple currency system through the provision of change especially for the US$ notes which have a smallest denomination in circulation in Zimbabwe of $1. Mangudya said so far banks were buying scales to measure the dimensions.

This is the first time that the country has bonded coins since the introduction of multicurrencies in the economy.


Customers have been crying foul due to the unavailability of coins in the market.

Retailers realised profits due to the unavailability of coins as most of them offered customers sweets or vouchers as they did not have in circulation change to give to customers.

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25 Comments

  1. Zim dollar slowly creeping its way back to Zimbabwe through the back door. Soon and very soon empty shelves in supermarkets are going to be the order of the day like it was 2007 era.

    1. GOOD ADVICE: do something for yourself, for your family. Don’t waste your time talking about these already rich African politicians while you are poor. Other people are enjoying their lives with money without even paying attention to these dirty politicians. See how this Zimbabwean woman became a millionaire just by buying and selling cheap artificial diamonds. Very interesting. Go to DIAMONDCUTTINGCENTER doht COM to see all 5 companies that she was dealing with to do this business, DIAMONDCUTTINGCENTER doht COM , Wake up African people

      1. GOOD ADVICE: do something for yourself, for your family. Don’t waste your time talking about these already rich African politicians while you are poor. Other people are enjoying their lives with money without even paying attention to these dirty politicians. See how this Zimbabwean woman became a millionaire just by buying and selling cheap artificial diamonds rings and chanis. Very interesting. Go to DIAMONDCUTTINGCENTER doht COM to see all 5 companies that she was dealing with to do this business, DIAMONDCUTTINGCENTER doht COM , Wake up African people

  2. Mangudya trying to reintroduce the Zim bearer cheque. Just like Gono, the new governor is daft. We seem to be a land of DOFOs despite bookish education.

  3. I bet this is simply our gvt’s dip stick to test the feasibility of reintroducing the Zim dollar. But, hear me, it won’t work – the value of these bonded coins will be eroded as early as Jan 1 2015; don’t say I didn’t warn you.

    1. do something for yourself, for your family. Don’t waste your time talking about these already rich African politicians while you are poor. Other people are enjoying their lives with money without even paying attention to these politicians. See how this Zimbabwean woman became a millionaire just by buying and selling cheap artificial diamonds. Very interesting. Go to diamondcuttingcenter dot com to see all 5 companies that she was dealing with to do this business, diamondcuttingcenter dot com , Wake up African people

  4. Better to be given change in the form of sweets and other things than carry these useless value less coins. You will be stranded with them. Inga wani taingoita zvakanaka pasina maCoins aya. Will that translate to bread costing 50cents?

  5. Lord Talbot of Essex CBE

    This creates a problem where the government may begin making coins for itself. Eroding the value of these coins. Wish you all the best Zimbabwe. Bad times could be around the corner.

  6. GOOD ADVICE: do something for yourself, for your family. Don’t waste your time talking about these already rich African politicians while you are poor. Other people are enjoying their lives with money without even paying attention to these dirty politicians. See how this Zimbabwean woman became a millionaire just by buying and selling cheap artificial diamonds rings and chanis. Very interesting. Go to DIAMONDCUTTINGCENTER doht COM to see all 5 companies that she was dealing with to do this business, DIAMONDCUTTINGCENTER doht COM , Wake up African people

  7. Zimdollar bodo taramba. Hatitride

  8. forget these shit tricks of trying to reintroduce the Zim dollar through the back door

  9. Rambai macoins iyaya ,, tione kuti zvinosvika kupi .. imbwa dzevanhu

  10. if you do not know its always advisable to keep your mouth shut. these coins are not Zimbabwean dollars. they are internationally recognised bonds which have same value to the US dollar so for soothsayer, Don, zingizi and the likes to just ignorantly comment without facts makes me wonder kuti motive yavo ndeyei. some are even assuming the roles of Doomsday prophets. ignorance chaiyo kana kusadzidza?

  11. Next thing Gono will be back as governor again & he will mint those coins like a mad man until the exchange rate is 1ton of co ins= 1dollar

    1. kkkkkkk true zim dollar is crap

  12. Emru Kunanti (BSc,BA, BCom, MA, MSc, LLM, LLD, PhD)

    But these days coins are widely available saka what’s the problem nhai RBZ.

  13. Virginia Hanson

    Start working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life.

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  14. We were the only country in this century where everyone was a millionaire, it could be the politicians
    want that record back, POOR MILLIONAIRES.

  15. It’s time to pull my money off the bank and into my mattress again.

  16. GOOD ADVICE: do something for yourself, for your family. Don’t waste your time talking about these already rich African politicians while you are poor. Other people are enjoying their lives with money without even paying attention to these dirty politicians. See how this Zimbabwean woman became a millionaire just by buying and selling cheap artificial diamonds. Very interesting. Go to DIAMONDCUTTINGCENTER.COM to see all 5 companies that she was dealing with to do this business, DIAMONDCUTTINGCENTER.COM , Wake up African people

  17. Remember 18 December 2003? Ask Gedion Gono what happened on that day. Where is NDH, ENG, Intermaket, Rapid Discount, Trust Bank, Royal, Time Bank? It all began on 18 December 2003!

  18. Rugare tange nhamo. Hezvo zvetoitirwa naVaMugabe, VaChinamasa, VaMangudya vakabatana Nehurumende yavo yekuuraya yeZanu PF. Zvakaoma Mwari pindirai…….. Hanzi iZIMASSET

  19. “The bonded coins will be at par with the United State dollars and they can be exchanged for USD at the bank” . Mr. Mangudya, one of the characteristics of money is that it should be acceptable. good luck PASSING-OF these coins as “US dollars” because i don’t see anyone in their right senses who would accept these coins. who would give-up a $1 note and get tokens in return? a normal rational thinking person would have exchanged US dollars with Rand coins from S.A. I dont think Zuma would mind. anyway, we will see if this first of its kind on PLANET EARTH will succeed

  20. thats bullshit…if they want to introduce coins to cater for shortages of coins,,,,,why dont they import coins from SA…the rands we have been using….they want to buy back forex so that they m0oney

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