Mangudya to explain bond coins

Business Reporter
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya will meet business representatives in Bulawayo tomorrow to clarify questions on the use of bond coins. The meeting will be held at the Bulawayo Art Gallery from 9AM.

He is also expected to use the opportunity to tour the city’s ailing industries to gain an appreciation of the state of production in relation to the economy.

The Zimbabwe National Chamber of Commerce (ZNCC) is organising the meeting following concerns over low circulation of bond coins, especially in Matabeleland region, nearly two months after they were introduced.

The bond coins are in denominations of one cent, five cents, 10 cents and 25 cents with the 50 cents set for unveiling next month.

The new coins are indexed at par with the United States dollar and were meant to ease the shortage of change while buttressing the multiple currency system for the convenience of the transacting public.

“We’ve invited the RBZ governor to brief the Bulawayo business community on the use of bond coins. We want him to explain the advantages of using coins as there are some businesses that are reluctant to take the coins,” ZNCC Bulawayo second vice chair Sisa Sibanda said yesterday.

She said the survey her organisation carried out indicated a need to educate the business community.

“According to a mini survey that we conducted as ZNCC, the general view over the use of bond coins is that they’ll lead to the reintroduction of the Zimbabwe dollar hence the skepticism,” she said.