Zimbabwe to Introduce Bond Notes to Help Ease Currency Crunch
Zimbabweans queue to withdraw cash outside a bank on May 5, 2016 in Harare, Zimbabwe. Zimbabweans formed long queues outside banks on May 5 after the government slapped new limits on cash withdrawals and announced that 'bond notes' at par with the US dollar would be introduced. / AFP / JEKESAI NJIKIZANA (Photo credit should read JEKESAI NJIKIZANA/AFP/Getty Images)
Photographer: Jekesai Njikizana/AFP via Getty ImagesZimbabwe will release dollar-backed bond notes with a daily withdrawal limit of $50 on Nov. 28, the central bank said, as the Southern African nation grapples with a shortage of currency.
“The bond notes will be released into the market through normal banking channels in small denominations of $2 and $5 to fund export incentives of 5 percent which will be paid out to exporters of goods and services and diaspora remittances," the Reserve Bank of Zimbabwe said in an e-mailed statement on Saturday.