Zimbabwean bond notes

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Zimbabwean bond notes
Zimbabwean 2 dollar bond notes.jpg
A two-dollar bond note
Country  Zimbabwe
Issuers Reserve Bank of Zimbabwe (2014–2018)
Denominations $2, $5

Zimbabwean bond notes are a form of banknote in circulation in Zimbabwe. Released by the Reserve Bank of Zimbabwe the notes are stated to not be a currency in itself but rather legal tender near money pegged equally against the U.S. dollar. In 2014 prior to the release of bond notes a series of bond coins entered circulation.[1]


In November 2016 backed by a US$200 million African Export-Import Bank loan the Reserve Bank of Zimbabwe began issuing $2 bond notes'.[2] Two months later US$15 million worth of new five-dollar bond notes were also released.[3] Further plans for a $10 and $20 bond notes were ruled out by the Reserve Bank's governor John Mangudya.[4]

The notes were not generally accepted by the Zimbabwean people,[5][6] so the government tried expanding the electronic money supply and issuing Treasury bills instead.[5][7]

The bond notes were still in circulation in 2018, although former Finance Minister, Tendai Biti, said that they should be demonitised as they were being subject to arbitrage.[8] In the campaigning for the 2018 elections, the bond notes became a political issue, with the MDC Alliance calling for their replacement with "real cash".[8]

Issued Notes

Value Year Colour Dimensions (millimeters) Front Design Back Design Ref.
2-Dollars Bond Note 2016 Green 155 x 62 mm Chiremba balancing rocks in Epworth Eternal Flame of Independence monument and Parliament House in Harare [9][10]
5-Dollars Bond Note 2017 Purple 155 x 66 mm Epworth Balancing Rocks Three giraffes next to trees

See also


  1. ^ Staff Reporter. "RBZ says bond notes launch Monday". www.new zimbabwe. Retrieved 27 November 2016.
  2. ^ Crabtree, Justina. "Zimbabwe's issuing new 'bond notes' to avoid a cash crunch". CNBC. Retrieved 1 May 2017.
  3. ^ Rahman Alfa Shaban, Abdur (3 February 2017). "Zimbabwe introduces fresh $5 bond notes to ease cash crunch". Africa News. Archived from the original on 3 February 2017.
  4. ^ "RBZ rules out $10, $20 bond notes". Daily News. Harare, Zimbabwe. Archived from the original on 5 March 2017.
  5. ^ a b Southall, Roger Jonathan (2017). "Bond notes, borrowing, and heading for bust: Zimbabwe's persistent crisis". Canadian Journal of African Studies/Revue canadienne des études africaines. 51 (3): 389–405. doi:10.1080/00083968.2017.1411285.
  6. ^ "The king of funny money: Zimbabwe's new "bond notes" are falling fast". The Economist. 18 February 2017. Archived from the original on 18 February 2017.
  7. ^ Mhlanga, Fidelity (11 February 2018). "Zimbabwe: Mangudya Failed to Put Cap On RTGs Balances - Experts". The Standard. Archived from the original on 11 February 2018.
  8. ^ a b "MDC Alliance govt to scrap bond notes". Daily News. Harare, Zimbabwe. 13 March 2018.
  9. ^ Zimbabwe new 2-dollar bond note (B190) confirmed Banknote News (banknotenews.com). December 29, 2016. Retrieved on 2017-05-07.
  10. ^ Zimbabwe new 5-dollar bond note (B191) confirmed Banknote News (banknotenews.com). March 7, 2017. Retrieved on 2017-05-07.

Zimbabwean multi-currency system
Preceded by:
Zimbabwean dollar
Reason: hyperinflation
Ratio: 250 ZWL = 1 USD
Note: 1st dollar (ZWD): 18 April 1980 to 21 August 2006
2nd dollar (ZWN or 1 000 ZWD): 1 August 2006 to 31 December 2008
3rd dollar (ZWR or 1010 ZWN): 1 August 2008 to 12 April 2009
4th dollar (ZWL or 1012 ZWR): 2 February 2009 to 12 April 2009
Currency of Zimbabwe
18 December 2014 – present
Note: Part of a multiple currency system with hard currencies & Zimbabwean bond coins (since 28 November 2016.)
Succeeded by:
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