Presidential Powers (Temporary Measures) Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016

Share
Year: 
2016
Number of SL: 
133
Date of assent: 
31 October 2016
Date of promulgation: 
31 October 2016
Date of commencement: 
31 October 2016
Issuing Authority: 
Government of Zimbabwe
In-force: 
Yes
Link to Related Legislation: 
Reserve Bank of Zimbabwe Act [Chapter 22:15]
Taxonomy: 
Presidential Powers, Reserve Bank Act, Bond Notes

ZIMBABWEAN

GOVERNMENT GAZETTE EXTRAORDINARY

Published by Authority

Vol. XCIV, No. 66        31st OCTOBER, 2016                           Price US$2.00

CONTENTS

 

Statutory instrument held as a supplement to this Gazette

 

 

133. Presidential Powers (Temporary Measures) Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016
 

Statutory Instrument 133 of 2016.

[CAP.10:20

Presidential Powers (Temporary Measures) Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016.

 

His Excellence the President, in terms of section 2 of the Presidential Powers (Temporary Measures) [Chapter 10:20], hereby makes the following regulations:-

 

Title

1. These regulations may be cited as the Presidential Powers (Temporary Measures) Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations,

2016.

 

Interpretation

2.   In these regulations-

“Reserve Bank” means Reserve Bank of Zimbabwe Act referred to in section 4 of the Reserve

Bank of Zimbabwe Act [Chapter 22:15] (No.5 of 1999);

 

“unit of a bond note” means a unit (“one dollar”) or multiple thereof in which a bond note is

denominated.

 

New section inserted in CAP.22:15

2. (1) the Reserve Bank of Zimbabwe Act [Chapter 22:15] (No.5 of 1999) (“the principle act”) is amended by the insertion in part VI (“Bank notes and Coinage”) of the following section after section 44A-

 

“44B legal tender of bond notes and coins

 

1.   The Minister may by notice in statutory instrument prescribe that a tender of payment of bond notes and coins issued by the Bank that are exchangeable at par value with very 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.

 

2.   Section 42 shall apply to bond notes prescribed under subsection (2) as they apply to

“banknotes.”

 

Presidential Powers (Temporary Measures) Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016.

 

Issuance of bond notes and validation of bond coins

 

3.   (1) The issuance by the bank of-

and

a)  the bond notes referred to in the following subsections;

b)  the bond coins in circulation before the promulgation of these regulations;

 

Shall be deemed to have been prescribed by the Minister in terms of section 44A(1) of the principal Act as inserted by these regulations.

 

(2) There is hereby issued by the Bank in terms of section 44B(1) of the principal Act as inserted by these regulations bond notes in such units they 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 payment of bond notes issued by the Bank shall be legal tender in all transactions as if each unit of bond note is exchangeable for one United States dollar.

 

(4) Every one hundredth part of unit of a bond note shall be deemed to be equivalent to and exchangeable for one United States cent.