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Zimbabwean bond notes go into circulation

Twelve million dollars’ worth of the new notes and coins went into circulation today, fuelling fears of another economic meltdown.

A man holds a bond note released by the Reserve Bank Of Zimbabwe in Harare central business centre on November 28, 2016. Picture: AFP

HARARE - Authorities in Zimbabwe say today's introduction of bond notes is legal, despite a constitutional court challenge against them.

Twelve million dollars’ worth of the new notes and coins went into circulation today, fuelling fears of another economic meltdown.

A lawyer for the central bank says the new bond money is lawful until the courts or parliament decide otherwise.

Long queues formed outside commercial banks early this morning.

The new money has been introduced under the Presidential Powers Act, meaning that Zimbabwe's parliament hasn't had a chance to debate its introduction.

The central bank’s lawyer Gerald Mlotshwa has told the state-run Herald that any court cases challenging the new money can’t stop the central bank from issuing it.

Rights group Crisis in Zimbabwe Coalition, says some big shops in Harare are refusing to accept the bond notes.

For now, major supermarkets still appear to be accepting bank card payments. There have been fears they may stop doing that in the future.

(Edited by Neo Koza)

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