Home LOCAL NEWS Govt says “Coins, Notes still legal tender”

Govt says “Coins, Notes still legal tender”

Mthuli and Mangidya's 25C, 50C Coins Rejected, $1 Coin Next?

Bond coins and bond notes are still legal tender, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa reiterated yesterday and traders are legally obliged to accept them.

“Government notes with concern that there are some sections of the market that are rejecting bond notes and coins. Notes inscribed ‘bond notes’ are being rejected in preference for those inscribed ‘dollars.’

Government through the Ministry of Finance and Economic Development will be substituting bond notes with new notes through a gradual process,” said Minister Mutsvangwa.

“In the meantime Government advises the public that the $2 and $5 bond notes are still legal tender in this country and therefore calls upon the business sector not to reject them. As just been announced by Reserve Bank of Zimbabwe Governor, Dr John Mangudya, all business owners, shopkeepers, tuck shop owners and even individuals are free to exchange the bond notes with new notes through their banks.”

Under normal circumstances, when currency notes are deposited in banks fairly frequently, banks remove worn and soiled notes and send them to the Reserve Bank for destruction. When notes or coins are demonetized, notice has to be given in the Government Gazette and a reasonable time is always given for holders to bank these while they are still valid, or even in a set time after demonetization.

Turning to the Covid-19 update, Minister Mutsvangwa implored churches to observe measures announced by the Government that includes social distancing and not to converging beyond 50 congregants.

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