New Zimbabwe Currency Released

A new two-dollar bond note. A five-dollar bond note is also being released. Reuters

Zimbabwe authorities are rolling out a new national currency today despite widespread public condemnation of the move.

BBC News report continues:

The central bank says the notes are on par in value to US dollars and will be released on a limited basis to avoid flooding the market. 

For years, Zimbabwe has used the US dollar and other international currencies after it abandoned the inflation-hit Zimbabwe dollar. 

Seven years after abandoning its local dollar, Zimbabwe once again has its own money. 

The so-called bond note becomes one of nine currencies accepted as legal tender in the country. 

The central bank has assured the public, that the notes’ release will be measured. 

Initially, US$10m worth will be introduced into circulation in two and five dollar denominations. 

The bank is limiting individual weekly withdrawals to US$150 dollars. 

The notes were introduced as part of a scheme to pay incentives to exporters and to overcome a shortage of international currencies.  

While the move has received the backing of major business groups, it’s faced stiff public resistance. 

This week, major opposition parties, workers and civil society groups are planning separate protests against the bond notes.

The central bank is taking steps to prevent the abuse of new notes. Under a proposed law anyone found guilty of defacing the bond notes could face up to seven years in prison.