Bond notes and coins will soon be officially dead. The RBZ will soon officially demonitise these worthless pieces of paper whose value was wiped away by inflation eons ago. The truth is these notes were already dead in practice after the wider public started rejecting them many months ago. The RBZ on it’s part kept insisting that these notes and coins were legal tender even if using them was impractical.
It has also been learnt that the Central Bank is mulling decommissioning small denomination coins, whose value has been wiped by inflation with most retailers now refusing to accept them.
…In terms of decommissioning, it means we should decommission all of the coins for example and replace them.
These days even government departments will not take this currency from your hand. Supermarkets even big chains like OK and Pick N Pay don’t want them either. Money changers stopped accepting them a long time ago. So did most tuckshops where buying using cash is practical. So worthless are they that even kids don’t pick up $2 bond notes when they see piles of them in the street.
The truth is while the initial move to reject these notes had been a bit farcical using them now is hardly practical. You need a sizeable pile of coins to buy a loaf of bread now. That pile of coins will weigh at least twice the mass of the bread you can buy with it. From there it all just goes downhill. Imagine buying a goat or a cow with that kind of money. You will need a truck load to handle it. Counting it is a burden and you are likely to make some errors doing that too.
The RBZ will just be acknowledging facts that have been obtaining on the ground for a long time now.
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