Zim to launch SA produced coins on December 18

HARARE – Zimbabwe will issue a set of special coins this month to alleviate the shortage of change caused by the use of US dollars in place of Zimbabwe dollars in 2009.

But  the country’s central bank says it  has no plan to reintroduce the Zimbabwe dollar in the near future.

This set of coins, including one cent, five cents, 10 cents, 25 cents and 50 cents, were made in South Africa and their values are equal to US dollars.

The total sum of the first batch of coins is 10 million US$10 million. T

he 50-cent coins will be issued next year and the rest of coins will go into circulation on December 18 this year. The central bank will import  US$30 million of Rand coins from South Africa this month.

According to  Reserve Bank governor  John Mangudya, the government hopes to lower the prices of small goods and service fees by issuing this set of special coins.

When Zimbabwean dollars were replaced by US dollars in 2009  because of  hyperinflation, the authorities failed to take the change issue into consideration.
Accordingly, customers have been troubled with change return, because local businesses often issued IOUs when needing to return less than one US dollar. -Reuters