Home LOCAL NEWS MORE BOND COINS COMING AS RBZ RECEIVES $3 MILLION IN COINS

MORE BOND COINS COMING AS RBZ RECEIVES $3 MILLION IN COINS

GOLD SET TO MAKE ECONOMY SELF SUFFICIENT

MORE BOND COINS COMING AS RBZ RECEIVES $3 MILLION IN COINS | In an effort to solve the current cash crisis, the Reserve Bank of Zimbabwe has ordered bond coins worth $3,024,000 from South African mint company. The bond coins are reportedly going to feature in 50c denominations.

GOLD SET TO MAKE ECONOMY SELF SUFFICIENT

This follows after central bank governor John Mangudya recently announced that Zimbabwe ,currently facing major cash crisis was going to get $300 million top up facility from the Afreximbank, following the launch of bond notes in November last year.

According to a September 20, 2017 invoice seen by The Source from South African Mint chief financial officer, Gerda Janse van Vuuren, addressed to Reserve Bank of Zimbabwe’s Deputy Director Banking Operations, Professor Kuveya, a staggering 126 drums of the coins were minted.

The charge on the invoice is R5,135,296.32 which comes out to about $384,615 if an exchange rate of USD1 : R13.35 is used.

This latest development was met with mixed reactions from the public with some expressing their indifference seeing as all moves by the Reserve Bank to soothe the cash crisis have done nothing but create more problems and cultivating a market for merciless cash barons.

Most feel the central bank is using temporary solutions in bid to fix a problem whose roots now run deep in the country.

Below is the leaked document.

MORE BOND COINS COMING AS RBZ RECEIVES $3 MILLION IN COINS

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