THE new $2 bond coin goes into circulation next Monday. The
news was given yesterday in a statement by Reserve Bank of Zimbabwe (RBZ)
Governor Dr John Mangudya and follows last week’s announcement of the impending
introduction of the coin plus the $2 and $5 notes.
The new coin and notes will circulate alongside the
existing bond notes and coins. The new coin is similar to the present $1 bond
coin.
“The two-dollar bond coin will have the following features
and characteristics: (a) bi-metal with the outer rim being copper-nickel plated
and the inner core being aluminium-bronze plated; (b) serrated rim profile with
a groove and edge lettering; (c) inscription of the words “Two Dollar Bond
Coin” and the numeral and symbol “2$” on the observe side and (d) inscription
of the letters “RBZ” and the numeral “2018” on the reverse side.”
Yesterday’s statement was silent on the notes, but Dr
Mangudya has indicated that specimens for the new $5 notes would be out soon
after the gazetting of the Statutory Instrument by Government which formalises
the introduction of the notes and coins.
Citizens have been clamouring for more cash in circulation.
Kombis demand cash and vendors and tuckshops normally accept cash.
Some small shops offer lower prices for cash, but the gap
between cash and mobile money is less than the premium dealers, sometimes the
same shopkeepers, demand for those buying notes and coins.
The black market exchange rate also has the premium built
in depending on whether one is buying US dollar notes for cash or digital
transfer.
This suggests that as the premium charged on the black
market falls, so the gap between cash prices and mobile money prices will
narrow to the same degree since the gaps in prices for US dollar notes and for
groceries in small shops are artificial and driven purely by the premium.
Cash barons have been charging a premium of up to 60
percent. Herald
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