FREQUENTLY ASKED QUESTIONS ABOUT BOND COINS.
7.
1.
Q. Why call it bond coin and not coin?
A. The value of Bond Coins is guaranteed by a Fifty million dollar
bond facility hence the term bond coins.
Q. What do you mean guaranteed? What exactly does that
mean?
3.
Q. What is meant by par value?
A. The term par refers to equality in value between the cents US
and Bond coins
4.
Q. Why can’t the bond coins be used inother countries?
A. Only struggling economies use coins which belong to other
countries. The bond coins are meant for the local economy and
hence they can only be used locally.
5.
Q. What are the other motives behind the introduction of the
bond coins other than providing change to the consumer?
A. Bond coins are meant to provide change and their usage
should have an impact of rounding down prices. Bond coins
give an option for change as they are being used to buttress the
multiple currency regime.
They can now be swapped with the rand coins at relevant
points.
6.
Q. Is the introduction of bond coins not a prelude to the
reintroduction of the Zimbabwe dollar?Are you going to
introduce the bond dollar?
A.
The bond coins can only operate under the multi-currency
regime. The local currency is now defunct and will take many
years to return. The local currency can only return when
economic fundamentals have been corrected when productivity
has improved.
A. The US coins are heavy and expensive to import
considering too the
distance between Zimbabwe
and the USA.Shipping the US coins from the USA can
cost Zimbabwe millions of US dollars which will
make the production and importation price above the
real value of the coin.
8.
Q. The timing of the introduction of the bond coins is
askew, why now when the problem of change has
slackened?
A.
FREQUENTLY ASKED QUESTIONS ABOUT BOND COINS.
2.
Q. Why is the Reserve Bank of Zimbabwe importing
bond coins when it can import US cents?
9.
People under-­‐ estimate the issue of real value for money. People assume that five rand is equivalent to fifty cents which is not the case. The smaller denomination of the bond coins bring with them divisibility and the fact that the coins are at par with the US cents bringing convenience to any transaction without having to calculate using the existing exchange rates. Q. What measures has the Reserve Bank of Zimbabwe
taken to promote the bond coins.’’
A.
RBZ has used radio TV and newspaper adverts.
Radio and TV Programmes have helped bolster the
penetration by bond coins.
a. Adverts on bond coins have been published
on Financial weeklies such as Fingaz,
provincial newspapers such as those falling
under New Ziana, rural newspapers such
as Mash East Sun, dailies such as the
Herald.
b. On line publications have also gotten
information on the bond coins.
c. Mobile networks such as ECONET and
Telecel have also published information on
the bond coins.
While the banks remain strategic partners to the RBZ in making bond
coins available, Easy Link Money Transfer agent will with immediate
effect start distributing bond coins using its own branch network.
WE
A.
ZI
BAB
10. Q. Banks have been sluggish in uptake of bond coins for distribution to clients, what measures is the Central Bank taking to ensure that the bond coins are made available in the remote parts of the country? N K OF
M
R E S E R VE
BA
RBZ INTRODUCES THE 50 CENT (50c) BOND COINS
11. Q. Does Easy Link Money Transfer a gent haveenough branches country wide to ensure equitable distribution of bond coins? A.
It already has many branches, more could be achieved with more
branches,
FREQUENTLY ASKED QUESTIONS ABOUT BOND COINS.
12. Q. Some Fuel service station a ttendantshave refused to accept b ond coins,making commuter omnibus crews refuse to accept bond too coins from commuters. W hat measures have you taken to deal with this situation? A. Meetings have been held with officials from the fuel service stations and
the commuter omnibus operators to iron out such matters.
13. Q. The Consumer Council of Zimbabwe is quoted by the media as being unhappy about being left out during the campaign to promote the bond coins what are you doing about it?’ A. We have engaged the Consumer council of Zimbabwe at various foraand
we are keen on working together with its officials to move forward.
For more information contact the RBZ
Public Relations Department on: Harare
Tel: 04-703 000
Email: [email protected]
[email protected]
Bulawayo
Tel: 09-76200
Email: [email protected]
Front
Back
Following the successful launch, distribution and usage of the small denomination coins called bond coins, the Reserve Bank of Zimbabwe is pleased to announce the introduction of the fifty cent (50ϲ) bond coins to further boost price st
competitiveness, with effect from 31 March 2015 as announced in the Monetary Policy Statement. Similar to the existing set of bond coins of 1c, 5c, 10c and 25c, the 50ϲ bond coins are indexed at par or one to one with the US cents and shall circulate freely side by side with all the currencies under the multiple currency system. The introduction of the 50ϲ bond coins is aimed at completing the series of small denomination coins which have helped to tame prices within the economy. Together with all the other bond coins, the 50ϲ bond coins are available at any bank and at Easy Link Money Transfer Agency branches across the country. ISSUED AS A PUBLIC SERVICE BY THE RESERVE BANK OF ZIMBABWE.