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Zimbabwe Replacing USD With Bond Notes

Zimbabwe Replacing USD With Bond NotesZimbabwe Replacing USD With Bond Notes

Transactional activity in Zimbabwe in recent weeks indicates a slow disappearance of the United States dollar, which is being replaced by bond notes, AllAfrica reported. The bond notes were introduced last year under the $200 million export incentive to supplement dwindling dollar supplies due to weak exports. A survey by Standard Business in the central business district last week showed that banks were giving out less and less dollars, which are now available only from Automated Teller Machines. An FBC Bank depositor said the institution was dispensing money depending on the currency they had at the time. “Sometimes we are given our withdrawals only in bond notes,” the depositor said. “There used to be days when I received my withdrawals in United States dollars or bond notes while other times it was in both denominations. But, most of the time now we are receiving bond notes and very rarely in US dollars.” Stanbic Bank was giving out $100 in bond notes inside the bank and another $50 in USD from ATMs, making a total of $150 daily withdrawals.

 

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