Informal Retailers Demonetize $0.25c Bond Coins

Some small-scale retailers in Harare have been rejecting the ZWL$0,25 cent bond coins since the introduction of new notes by the Reserve Bank of Zimbabwe on Tuesday.

National Vendors Union Zimbabwe (NAVUZ) chairperson, Stan Zvorwadza, said this is not the first time authorities have failed to give direction on such developments. Said Zvorwadza:

The news on the introduction of the new Zimbabwe currency has also fuelled the high levels of speculation leading to declare the 25 cent coins unacceptable in trade.

The other emerging reason is that inflation has rendered the 25 cent coins valueless and accepting them is adding an unnecessary burden of counting valueless coins.

On November 12, 2019, the central bank released new $2 and $5 notes and $2 bond coins to ease cash shortages that had paralysed trade for a couple of years.

The new notes have, however, flooded the streets as questions are being asked on how crisp notes released barely 24 hours before are already in the hands of illegal money changers.

More: Zim Morning Post