THE Reserve Bank of Zimbabwe (RBZ) will today unveil the long-awaited $20 million bonded coins that will significantly ease the shortage of small change in the country.
BUSINESS REPORTER
A total of R25 million coins and $20 million minted coins have been imported from South Africa, according to the central bank.
The $20 million special coins will be at par with United States Dollars.
They will be in denominations 1 cent, 5 cents, 10 cents, 25 cents and 50 cents.
RBZ governor John Mangudya said the coins would help the small and medium enterprises to transact more than before as they will be having smaller denominations.
Mangudya said the central bank would soon launch a public awareness campaign on the new coins.
An estimated 75% of the population is engaged in the informal sector mostly in the trading and vending businesses.
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Many small products were being priced at a $1 or 5 rand due to the unavailability of coins in the economy.
Zimbabwe introduced the multi-currency system in 2009.
The country was coming out of a hyper-inflationary environment and a decade of lost opportunities.
The adoption of the multi-currency regime did not come cheap as the country did not have coins with notes being used for all transactions.
