The governor of Zimbabwe’s central bank said it will begin issuing its own version of the US dollar bill. The cash-strapped country will start using the bond notes in October, and expects $75 million to be in circulation by the end of the year.

Zimbabwe is a multicurrency country since it stopped printing its own money, the Zimbabwe dollar, in 2009 due to hyperinflation. It uses the South African rand, the euro, and the Chinese yuan, alongside the US dollar.

The central bank governor, John Mangudya, said the cash, known as bond notes, will be backed by $200 million support from the Africa Export-Import Bank.

The specially-designed two, five 10 and 20 dollar notes will have the same values as their US dollars equivalents. Bank customers are not always able to withdraw the amount of US dollars they would like on account of a shortage of dollar notes.

The country already has “bond” coins that represent US dollar values. For each coin in circulation there is an equivalent US dollar held in the country’s reserves.

“The bond notes will be at par with the US dollar and will be used and treated in the same manner as bond coins,” John Mangudya, the governor of the Reserve Bank of Zimbabwe told CNN money...

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