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‘Zim to issue new coins notes’

‘Zim to issue new coins notes’

Zimbabwe will issue new notes and coins soon to replace the country’s quasi currency (bond note) that was introduced three years ago in an attempt to counter a crippling shortage of cash.

‘Zim to issue new coins notes’

The return to a fully-fledged local currency exchangeable outside the country’s borders will be backed by an undisclosed amount of foreign-exchange reserves, gold, and loans, Finance Minister Prof Mthuli Ncube said in a recent interview in the capital, Harare.

A Treasury spokesman on Monday said there was a need to first compile data on the country’s reserves before commenting on how much foreign exchange would be used to back the new currency.

“We already have our own local currency, but this will be the first Zimbabwe dollar notes, which will trade at parity to the bond notes,” Prof Ncube said.

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