No.1
RESERVE BANK OF ZIMBABWE AMENDMENT
3
New section inserted in Cap. 22:15
The principal Act is amended by the insertion in Part VI ("Banknotes and
Coinage") of the following section after section 44A-
"448
Legal tender of bond notes and coins
( 1) In this section, "bond note" means a unit of legal tender whose
par value in relation to the United States dollar is backed by a guarantee
extended to the Reserve Bank by one or more international financial
institutions.
(2) The Minister may by notice in a statutory instrument prescribe
that a tender of payment of bond notes and coins issued by the Bank that
are exchangeable at par value with any specified currency other than
Zimbabwean currency prescribed as legal tender for the purposes of
section 44A shall be legal tender in all transactions in Zimbabwe to the
same extent as that prescribed currency.
(3) Section 42 shall apply to bond notes prescribed under subsection
(2) as they apply to banknotes.".
4
Issuance of bond notes and validation of bond coins
(1) The issuance by the Reserve Bank of(a)
the bond notes referred to in this section; and
(b)
the bond coins in circulation before the commencement of this Act;
shall be deemed to have been prescribed by the Minister in terms of section 44B(l) of
the principal Act as inserted by this Act.
(2) There is hereby issued by the Reserve Bank in terms of section 44B( 1) of
the principal Act as inserted by this Act bond notes in such units as shall be specified
by the Bank and whose design, form and material shall be determined by the Bank and
notified to the public.
(3) The tender of payment of bond notes issued by the Reserve Bank shall be
legal tender in all transactions in Zimbabwe as if each unit of a bond note is exchangeable
for one United States dollar.
(4) Every one hundredth part of a unit of a bond note shall be deemed to be
equivalent to and exchangeable for one United States cent.
2
2017