Special coins by November to ease Zimbabwe change woes

via Special coins by November to ease Zimbabwe change woes September 23, 2014

THE $20 million worth of special coins expected in the country by November are to help ease change problems created by the absence of coins, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said.

He said the availability of the coins will lead to a reduction in prices of commodities as they had been originally priced with the absence of coins in mind.

“We will get $20 million special coins in November. We will also get $25 million in rand coins which we expect to be in the country earlier than the special coins as they have to be made specifically for us. We will get the coins from South Africa. The minting of the special coins will be done in that country as well,” he said.

Mangudya said the country cannot print the special coins that will be used at par with the United States dollars as it was expensive for the country.

“They are not Zimbabwean coins, we don’t want to bring back the Zimbabwean dollar due to confidence issues,” he said.

Since the use of the multicurrency system in 2009, the absence of coins has led to customers being given vouchers redeemable at particular shops. In other instances, customers were given sweets as change.

Mangudya said the move to introduce special coins was not peculiar to Zimbabwe as the country once used the currency board in 1938.

A currency board is a monetary authority which is required to maintain a fixed exchange rate with a foreign currency.

The introduction of the special coins had raised fears that government wanted to return the banished Zimbabwe dollar to replace the multicurrency regime.

In his mid-term fiscal policy review, Finance minister Patrick Chinamasa said government had no appetite to change the multicurrency policy urging the nation to take comfort in the continuous re-assurance from both the monetary and fiscal authorities.

“The procurement of special foreign coins to provide small change as announced in the Monetary Policy Statement, under a US dollar bond facility by the Reserve Bank, is a clear testimony meant to buttress the multiple currency system and to enhance business confidence,” he said.

Research has shown that getting coins from South Africa was cheaper for Zimbabwe as road transport can be used reducing freight and shipment costs for the country.

In his monetary policy last month, Mangudya said RBZ would be importing special coins of 1c, 5c, 10c, 20c, and 50c whose values would be at par with the US cents.

Rand coins of 10c, 20c, 50c, R1, R2 and R5 are also being imported to buttress the multiple currency system which is dominated by the US$ and rand.

COMMENTS

WORDPRESS: 18
  • comment-avatar

    Oh wow! Special coins are going to change our woes. Howso? how pathetic government is! They faff around and neglect what is important. Can’t wait to see them go!

  • comment-avatar
    Mscynic 7 years ago

    Watch out! Your notes are about up be changed for Special Coins!!!

  • comment-avatar
    tapiwa 7 years ago

    25 million plus 20 million that is 45 million what has happened to other 5 million. I thought it was to be 50 million of special coins.

    • comment-avatar
      Swagman 7 years ago

      That’s H.E (His Extortionist)
      Comrade Robber Grabber Mugarbage’s
      ‘commission’.

      Another ‘cataract checkup’ in the
      Singapore Cancer Center, will be due
      soon – mark my words!

  • comment-avatar
    Terry Hwesa 7 years ago

    The dreaded Zim $ is being resurrected. What’s to stop the RBZ increasing the coins in circulation. The next step will be the withdrawal of usd notes. With these idiots at the helm everything is possible.

  • comment-avatar
    John Thomas 7 years ago

    The ars3wipes think they have found a way to be the the only people outside of the US to manufacture dollars

  • comment-avatar

    A number of currencies have fixed fixed exchange rates to USD so 3 nations pretty much useless loose change coins spring to mind – political allies Cuba Venezuela hongkong.- china all aligned to USD !!!!!!!!!!!!

  • comment-avatar

    They had better bring in a lot more as this is all poor Zimbabweans are going to have in their pockets.

  • comment-avatar

    And they say this with a serious face. They are dead serious, you know. Trying to compete, economically, in a world that knows what it is doing and here comes a well thought of idea, “let’s continue putting on bandages on a very deep bleeding economic wound” and guess what? They think it is going to work and Walla our economy will perform, miraculously. They never stop to amaze with their voodoo economy economics. 45 million US dollars down the drain and doctor Grace Mugabe is waiting in line

  • comment-avatar
    Nyati 7 years ago

    Gono said “the bearer cheques will solve our problems, we ended up carrying trillions of them to pay for a trip worth $ us0.25 from warren park into town.
    this is another way of witdrawing sll the good green notes replace with “special coins” . Smart printing. Bankruptcy! !!!!! God help this militarised country.

  • comment-avatar
    nyoni 7 years ago

    Nyati you are correct to say militarised. By doing this they control everything and everyone. Thus the lack of concern for the nations problems.

  • comment-avatar
    Mlimo 7 years ago

    The real money will go into the bank accounts of zanupf in overseas accounts and your real dollars replaced by worthless coins. Me I would not deal in useless RBZ coins.

  • comment-avatar
    I am not the one 7 years ago

    is it just militarised or just plain stupidity?? “special” coins… will they end up looking like the manky dollar notes which have had the misfortune of having been in circulation in Zimbabwe and stuffed into all sorts of sweaty areas on the body?

  • comment-avatar
    anti zanu 7 years ago

    Guys this is the return of our zim dollar…..In a blink of an eye chaos is back in our beloved nation…stupid leaders wth their PhD thesis is Wat leadeth us into hell…

  • comment-avatar
    ntaba 7 years ago

    Maybe they will be called “Tata ma millions, tata ma coins” like the great Doctor Gono did to steal all the pension funds and give his Zanu mates the opportunity to print ama millions!!!
    Why only coins this time? Surely this will be a petty cash option in terms of theft? Is this a frugal Zanu now – only focused on stealing with coins as a distraction for the people – when there is in fact a far greater Great Robbery already in process?

  • comment-avatar
    wethu 7 years ago

    They are taking us back to 1938!

  • comment-avatar
    gwabu 7 years ago

    a case of misplaced priorities.
    if the 50 million had been injected into industrial development, then we could be talking about no increase of taxes.

    its a fallacy that prices will get lower.

    these people are the same. magundya is starting to behave exactly like gono, dolling out money on non essentials.

  • comment-avatar

    you buy with 1dollar and u are given change in special coins.when u want to later use special coins one will tell u use real money because he/she has many of these special coins to use for change. u can not force the retailer to sell u an item using your special coins.special coins will not be a solution as one will opt for change in terms of sweets than special coins which many people will reject.if one accumulates 5 000 special coins=50dollars i do not think zesa will accept the person to buy electricity voucher.If one wants to pay 500c for transport in one’ s private car,i am 100% sure he/she will walk on foot a distance of 70km as every normal person will demand proper money